STOCK TITAN

SYMETRYX OPPOSES CHEK CAP/KEYSTONE MERGER, WILL EVALUATE OPTIONS TO STOP TRANSACTION

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Rhea-AI Summary
Symetryx opposes Check-Cap/Keystone merger
Positive
  • Symetryx does not believe that a merger with Keystone Dental is in the best interest of Check-Cap shareholders
Negative
  • None.

TORONTO, Sept. 21, 2023 /PRNewswire/ - Today, Symetryx Corporation ("Symetryx") announces that it has reviewed the filings between CHECK-CAP Ltd. ("Check-Cap") and Keystone Dental Holdings, Inc. ("Keystone Dental") and does not feel that this transaction is the best opportunity for shareholder value.

Further to our press release dated July 25, 2023, we have become concerned that Check-Cap has continued to burn through its cash on hand and has now entered into a vague and opaque Business Combination Agreement with Keystone Dental as described in their SEC filings on EDGAR on August 17, 2023.

 Symetryx does not believe that a merger with Keystone Dental is in the best interest of Check-Cap shareholders, and we intend to strongly oppose this merger.

SPECIAL NOTE REGARDING THIS ANNOUCEMENT:

THIS ANNOUCEMENT CONTAINS OUR CURRENT VIEWS ON THE VALUE OF SECURITIES OF CHECK-CAP AND CERTAIN ACTIONS THAT ITS BOARD OF DIRECTORS MIGHT TAKE TO ENHANCE THE VALUE OF ITS COMMON STOCK. OUR VIEWS ARE BASED ON OUR OWN ANALYSES OF PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL PERFORMANCE AND RESULTS OF CHECK-CAP MAY DIFFER MATERIALLY FROM OUR ASSUMPTIONS AND ANALYSES.

THIS ANNOUNCEMENT ALSO REFERENCES THE SIZE OF SYMETRYX'S CURRENT HOLDINGS OF CHECK-CAP. SYMETRYX'S VIEWS AND OUR HOLDINGS COULD CHANGE AT ANY TIME. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS REGARDING CHECK-CAP WITHOUT UPDATING THIS ANNOUNCEMENT OR PROVIDING ANY NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED BY LAW). WE MAY SELL SOME OR ALL OF OUR CHECK-CAP SHARES AT ANY TIME WITHOUT NOTICE.

FORWARD-LOOKING STATEMENTS:

Certain statements contained in this announcement are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Due to such risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "might, "expect," "anticipate," "intend," "plan," "estimate," "should," "could," "may," "will," "objective," "projection," "forecast," "continue," "strategy," "position" or the negative of those terms or other variations of them or by any comparable terminology.

Important factors that could cause actual results to differ materially from the expectations set forth in this announcement include, among other things, the factors identified in the public filings of Check-Cap and other information generally available in the market. Such forward-looking statements should therefore be construed considering such factors, and Symetryx is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Cision View original content:https://www.prnewswire.com/news-releases/symetryx-opposes-chek-capkeystone-merger-will-evaluate-options-to-stop-transaction-301936547.html

SOURCE Symetryx Corp

Check-Cap Ltd.

NASDAQ:CHEK

CHEK Rankings

CHEK Latest News

CHEK Stock Data

12.87M
4.42M
25.16%
1.08%
10.26%
Irradiation Apparatus Manufacturing
Manufacturing
Link
United States of America
P O Box 1271

About CHEK

check-cap is a clinical stage medical diagnostics company leading the development of the first ingestible imaging capsule that utilizes low-dose x-rays for crc screening. the check-cap device requires no bowel preparation or invasive procedures, and is designed to detect clinically significant polyps with a high degree of sensitivity. check-cap's advanced technology has been proven in animals, and is designed to offer several advantages compared to current screening procedures. founded in early 2005, check-cap recruited a team of world-class experts in physics, software engineering, electronics, mechanics and physiology, who have been developing a multi-disciplinary imaging solution for imaging and screening of the colon. the system includes a capsule, a receiver, proprietary imaging software and an associated database for web based access and analysis. check-cap's advanced technology has been proven in animals and promises to offer several significant advantages compared to other colo