Summary by Moomoo AI
Arcutis Biotherapeutics, Inc. has submitted an amendment to its Tender Offer Statement on Schedule TO, originally filed on January 16, 2024, in response to comments from the U.S. Securities and Exchange Commission (SEC). The amendment, known as Amendment No. 1, addresses concerns raised by the SEC in a letter dated January 23, 2024. The SEC's comments pertained to certain conditions in the offer that were considered too broad or lacking clarity. Specifically, Arcutis has revised the offer to remove references to limitations on prices for securities and certain broad conditions that could be triggered by general market changes or geopolitical events. The company also updated the timing for announcements related to the extension of the offer to comply with SEC rules. The correspondence, dated January 24, 2024, was facilitated by Latham & Watkins LLP on behalf of Arcutis Biotherapeutics.