- Reunion Neuroscience Inc. (NASDAQ:REUN) shares are trading lower on Friday after inking a take-private deal with MPM BioImpact, where MPM would acquire Reunion for $13.1 million under the Canadian Business Corporations Act.
- Per the terms of the agreement, Reunion will receive $1.12 in cash for each share held in the company.
- In the last weeks of December 2022, the company struggled to remain NASDAQ listed as the bid price of the company was below $1.00.
- Based on the Bank of Canada’s daily exchange rate as of the close of business on May 31, 2023, this would be approximately $1.52 per share in Canadian dollars.
- The deal represents a premium of approximately 43.1% over the trailing 30-trading-day volume weighted average price.
- The partners expect to close the arrangement in the third quarter of 2023.
- Price Action: REUN shares are trading higher by 1.46% to $1.09 on the last check Friday.
Securities Fraud Saga Comes To Close As Former Cannabiz Mobile Consultant Receives Final Judgment
Anthony Jay Pignatello has been handed a final judgement by the US Attorney's Office in relation to a cannabis securities fraud scheme at Cannabiz Mobile, where he served as consultant and secretary. Pignatello was alleged to be part of a pump-and-dump scheme with Christopher Esposito, Cannabiz's former owner, whose fraudulent activities had already seen him sentenced to five years' probation in November. Pignatello has been permanently restricted from being an "officer or director of any issuer that has a class of securities registered under Section 12 of the Exchange", as well as permanently banned from participating in penny stocks. He is also obliged to pay $43,337, a fee that has already been deemed settled due to a parallel criminal hearing regarding securities fraud to which Pignatello had already pled guilty.
