Why TherapeuticsMD Shares Are Sinking Today?

Women's healthcare company TherapeuticsMD Inc TXMD shares are falling as EW Healthcare Partners did not acquire the required majority of shares of TXMD through the previously announced tender offer by the extended deadline.
TherapeuticsMD's products are designed with a focus on family planning, reproductive health, and menopause management.
As a result, the tender offer has expired according to its terms.
The company anticipates that the merger agreement will be terminated.
Approximately 30.6% of the outstanding shares were tendered.
TherapeuticsMD intends to maintain normal operations at this time.
In May, TherapeuticsMD entered into a definitive merger agreement to be acquired by an affiliate of EW Healthcare Partners for $10 per share in an all-cash transaction.
The offer price implied an enterprise value of approximately $177 million.
Price Action: TXMD shares are down 42.7% at $4.74 during the market session on the last check Wednesday.