Patient Safety Technologies, Inc. (OTCMKTS:PSTX) To Be Acquired By Stryker Corporation
On the last day of 2013 came the big news for shareholders of Patient Safety Technologies, Inc. (OTCMKTS:PSTX) – the company had signed a definitive agreement and if everything goes according to plan are going to be bought by the Fortune 500 medical giant Stryker Corporation (NYSE:SYK).
- $4.9 million cash
- $10.5 million total current assets
- $5 million total current liabilities
- $5.2 million revenues
- $384 thousand net loss
Many people are viewing this proposed price as being too low with PSTX reaching $2.36 per share on their own a couple of months back. Since the acquisition was announced at least three different law firms have declared that they will be investigating potential legal claims against the board of directors of PSTX. What the ultimate outcome will be remains to be seen but the acquisition is expected to be completed during the first quarter of 2014.
Another big news also influenced the market yesterday. Almost every company operating within the marijuana and cannabis industry received a major boost in price after investors went into a buying frenzy. The reason for the industry upswing was the first legal sale of marijuana for recreational use in the state of Colorado. In early trading today enthusiasm is holding strong with Medical Marijuana, Inc. (OTCMKTS:MJNA) and Growlife, Inc. (OTCBB:PHOT), the two leading companies in the sector, continuing to race up the stockchart. MJNA is currently 13% up trading for $0.175 while PHOT is sitting a bit lower at $0.166 per share.