Rapid Micro Rejects Takeover Deal, Adopts Poison Pill To Thwart Investor - Rapid Micro Biosystems (NASDAQ

Rapid Micro Biosystems Inc (NASDAQ: RPID) has initiated a review of strategic alternatives and has retained Morgan Stanley & Co. LLC as its financial advisor and Goodwin Procter LLP as its legal advisor to assist in its review.
In addition, the company said it rejected an unsolicited non-binding proposal of $5/share from Kennedy Lewis Investment Management LLC, citing the proposal as 'inadequate.'
Q2 sales declined to $3.9 million from $5.7 million a year ago, attributable to fewer placements of Growth Direct systems and lower validation revenue due to a few customer-related delays.
Analysts estimates sales of $4.57 million.
Cash, cash equivalents, and investments were $166.9 million.
The company expects FY22 sales of at least $17.0 million, assuming a placement of three to five systems in 2H of 2022, with most or all of those placements made in the fourth quarter.
The company's lowered guidance reflects expectations for fewer systems placements and macro-economic uncertainty.
Rapid Micro Biosystems will cut 20% of its workforce as an organizational restructuring plan to right-size its cost structure based on its lowered 2022 outlook.
The restructuring plan will result in approximately $8.0 - $9.0 million in annualized cost savings by Q1 of 2023. It expects to incur restructuring charges of approximately $1.5 million in Q3.
Price Action: RPID shares are down 7.67% at $3.90 during the market session on the last check Friday.

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