Psychemedics board approves going-private transaction via reverse stock split, cash-out at $2.35/share

PSYCHEMEDICS CORP

Reverse stock split at ratio between 1:4,000 and 1:6,000; shares below ratio denominator cashed out at $2.35 each.
Estimated 1.2M shares (21% of outstanding) cashed out, aggregate cost ~$2.8M plus ~$700k expenses.
Company expects annual savings exceeding $900k after terminating SEC reporting and Nasdaq listing.
Stock purchase agreement with 3K/Kamin entities for up to $3.75M at $2.35/share to fund cash-out and working capital.
Transaction subject to stockholder approval at 2024 annual meeting expected in fall 2024; board may abandon.

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