Pasithea Therapeutics Corp. (NasdaqCM:KTTA) announces a share repurchase program. Under the offer, the company will repurchase up to 5,714,285 shares, representing 21.86% of its issued share capital.

The shares will be repurchased at a price of $0.70 per Share. The purpose of the offer is to provides stockholders with an opportunity to obtain liquidity with respect to their shares and to provide a greater percentage of ownership to those who do not tender their shares. The company expects to fund the offer from the available cash.

If stockholders attempt to tender in excess of the quarterly tender cap, the company will purchase shares from all stockholders who properly tender shares, on a pro-rata basis, with appropriate adjustments to avoid the purchase of fractional shares. The tender offer will expire on September 8, 2023, unless extended. As of August 8, 2023, the company has 26,143,407 issued and outstanding shares.