Major Shareholder Slams InMode CEO Buyout Bid, Cites 'Governance Failures'
INMD is trading near its 52-week low of $12.72 (15% above the low).
Summary
Major shareholder Steel Partners Holdings publicly criticized the CEO-led take-private proposal for InMode, alleging 'governance failures' within the company. This follows the June 24th announcement of the CEO's $16.20 per share offer to acquire all outstanding shares. The public opposition from a significant investor introduces substantial uncertainty and potential complications for the proposed buyout, putting pressure on the board's Special Committee. Allegations of governance failures could further erode investor confidence, especially after recent executive changes and a patent infringement lawsuit.
At the time of this announcement, INMD was trading at $14.62 on NASDAQ in the Technology sector, with a market capitalization of approximately $840.4M. The 52-week trading range was $12.72 to $16.74. This news item was assessed with negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.