Astrotech confirms receipt of non-binding acquisition proposal

Astrotech Corporation announced that it has received an unsolicited, non-binding proposal from BML Investment Partners to acquire all of the outstanding shares of common stock of the company for cash consideration of $17.25 per share. The non-binding proposal states that BML holds 13% of the company’s outstanding shares. The non-binding proposal is not subject to a financing condition but is subject to limited confirmatory due diligence and is based on the company having at least $35M of cash and cash equivalents as of the potential closing date of the proposed acquisition, net of any tail and closing costs, and not having issued any shares pursuant to its at-the-market offering agreement dated June 16, 2023. Effective June 27, 2023, the company terminated the ATM Agreement in accordance with its terms. Consistent with its fiduciary duties, the company’s board will evaluate the non-binding proposal to determine the course of action that it believes is in the best interest of the company and all Astrotech stockholders and respond appropriately.