Expresses Conviction in Pacira's IP and
Belief that Shares are Significantly Undervalued
Urges Pacira to Immediately Commence Stock
Tender Offer with Cash on Hand
MIAMI, Dec. 11,
2024 /PRNewswire/ -- DOMA Perpetual Capital
Management LLC (together with its affiliates, "DOMA"), which
beneficially owns approximately 4.14% of the outstanding shares of
Common Stock of Pacira BioSciences, Inc. (NASDAQ: PCRX) ("Pacira"
or the "Company"), today announced that it intends to nominate four
highly-qualified, independent director candidates at the Company's
2025 annual meeting of stockholders, and stated that it has hired
Olshan Frome Wolosky LLP as counsel to represent it in its dealings
with the Company. DOMA further stated that it believes strongly in
the value of the Company's intellectual property and that the
Company's stock is grossly undervalued and urged the Company to
immediately commence a stock tender offer for 10 million shares
using its substantial cash on hand, and then execute its
already-approved $150 million buyback
program using the Company's healthy and growing free cash flow.
About DOMA Perpetual Capital Management LLC:
DOMA
Perpetual Capital Management LLC is an asset management firm based
in Miami, Florida. DOMA Perpetual
strives to achieve great investment results by identifying
attractive, uncorrelated companies with sustainable competitive
advantages, while limiting exposure to downside risks. It employs
an opportunistic, fundamentals-based strategy that invests in
companies across a variety of sectors and market caps throughout
the globe.
Contact:
DOMA Perpetual Capital Management LLC
ir@domaperpetual.com
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
DOMA Perpetual Capital Management LLC, a Delaware limited liability company ("DOMA"),
together with the other participants named herein, intend to file a
preliminary proxy statement and accompanying WHITE proxy card with
the Securities and Exchange Commission ("SEC") to be used to
solicit votes for the election of its slate of director nominees at
the 2025 annual meeting of stockholders of Pacira BioSciences,
Inc., a Delaware corporation (the
"Company").
DOMA STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ
THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB
SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN
THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES
SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be
DOMA, DOMA Perpetual LO Equity Master Fund LP, an exempted limited
partnership organized under the laws of the Cayman Islands ("DOMA LO Master"), DOMA
Perpetual Partners GP LLC, a Delaware limited liability company ("DOMA
GP"), Pedro Escudero and the
individuals to be nominated by DOMA as director candidates at the
Company, who have not yet been identified.
As of the date hereof, DOMA LO Master directly beneficially owns
1,747,849 shares of Common Stock, par value $0.001 par value per share, of the Company (the
"Common Stock"). As of the date hereof, Mr. Escudero directly
beneficially owns 159,000 shares of Common Stock. As Investment
Manager of DOMA LO Master, DOMA may be deemed to beneficially own
the 1,747,849 shares of Common Stock beneficially owned by DOMA LO
Master. As general partner of DOMA LO Master, DOMA GP may be deemed
to beneficially own the 1,747,849 shares of Common Stock
beneficially owned by DOMA LO Master. As Founder and Chief
Investment Officer of DOMA and Managing Member of DOMA GP, Mr.
Escudero may be deemed to beneficially own the 1,747,849 shares of
Common Stock beneficially owned by DOMA and DOMA GP.
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SOURCE DOMA Perpetual