ESSA Pharma Inc. (NASDAQ:EPIX) plummeted 66.39% on Tuesday to $0.2631 per share as investors reacted to the $80 million payment to shareholders ahead of its business shutdown. The company returned $1.69 per share to shareholders as of August 22 record, correcting the ex-dividend date to August 22 instead of August 25.

The drop was part of ESSA Pharma Inc.’s (NASDAQ:EPIX) planned merger with XenoTherapeutics, Inc., where shareholders will receive a cash payment based on the cash balance at closing, along with a contingent value right entitling them to a portion of up to $2.95 million or $0.06 per CVR within 18 months post-transaction.

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Read more at Yahoo Finance: Essa Pharma (EPIX) Nosedives 66% Ahead of Business Shutdown