Astrotech Board rejects BML's $17.25/share acquisition proposal as undervaluing company

ASTROTECH Corp

Offer price of $17.25 is 34% below $26.17 per share of cash and short-term investments as of March 31, 2023.
Board says proposal is opportunistic and fails to reflect value of mass spectrometry technology and subsidiaries (AgLAB, 1st Detect, BreathTech).
Company cites purchase order for 17 TRACER 1000 systems and Cleveland Clinic partnership for BreathTest-1000 as long-term value drivers.
BML would pay ~$25M for remaining 87% of shares; Board alleges BML aims to liquidate company for its own profit.
BML's proposal includes no evidence of financing commitments to fund over $25M in cash consideration.

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