24/7 Market News – (NASDAQ: CBIO) shares are up 13% this morning As the company announces it will distribute its cash to shareholders.
$1.72 on more than 11,000 trades and 4 million in volume.
[mstock id=”73007″ asset=”cbio”]Catalyst Biosciences Announces Plan to Distribute Cash to Stockholders
Board is Committed to Maximizing the Amount of Cash the Company Distributes to Stockholders
Decision Follows Recent Sale of Certain Assets and Extensive Engagement with Stockholders
Board Will Set Initial Distribution Date and Amount Once Potential Liability and Expenses Associated with Stockholder Litigation and Proxy Contest Are Known
SOUTH SAN FRANCISCO, Calif., June 29, 2022 (GLOBE NEWSWIRE) — Catalyst Biosciences, Inc. (NASDAQ:CBIO) (the “Company” or “we”) today announced its intention to distribute cash to the Company’s stockholders through one or more distributions. The intention of the Company’s Board of Directors (the “Board”) is to maximize the size of the total distribution after satisfying or reserving for Company obligations, and to complete the distribution as soon as practicable. The Board currently expects the total amount of cash to be distributed to stockholders to be as much as $65 million, depending upon several factors, including pending stockholder litigation.