Applied Therapeutics Shares Letter to Stockholders Recommending Tender of Shares Following Offer Expiration Extension

Core Viewpoint - Applied Therapeutics, Inc. is undergoing a tender offer from AT2B, Inc., a subsidiary of Cycle Group Holdings Limited, to acquire the company, which is focused on developing treatments for rare diseases [1][2]. Company Overview - Applied Therapeutics is a clinical-stage biopharmaceutical company dedicated to creating transformative treatments for rare diseases, with its lead drug candidate, govorestat, targeting Classic Galactosemia, CMT-SORD, and PMM2-CDG, all of which currently lack FDA-approved treatments [3][14]. Tender Offer Details - The tender offer price is set at $0.088 per share in cash, plus one non-tradeable contingent value right per share, with the expiration date extended to January 29, 2026 [2]. - The Board of Directors recommends that stockholders tender their shares, believing the merger with Cycle represents the best path forward for maximizing stockholder value [3][5]. Financial Implications - If the tender offer does not succeed, the company may face significant risks, including potential liquidation, as the Board has determined that the offer price is more favorable than other alternatives [4]. - Cycle has issued a promissory note to Applied Therapeutics, advancing $8.5 million, which will become due if the merger agreement is terminated [4]. Strategic Alternatives - The company has explored various strategic alternatives and concluded that the merger with Cycle is the best option available, as no alternative proposals have been received since the merger agreement was signed [4][5]. Shareholder Actions - Stockholders who have already tendered their shares do not need to take further action due to the extension of the offer [6]. - Instructions for tendering shares are provided, emphasizing the importance of acting promptly to meet broker processing deadlines [8][10].