Vyant slumps ~10% on last trading day on Nasdaq; delisting part of cash saving plan
Michael M. Santiago
- Vyant Bio (NASDAQ:VYNT) expects to delist its common shares from Nasdaq on/around May 14 and the shares are anticipated to be quoted on the Pink Open Market under the same symbol around May 15.
- The last day of trading on Nasdaq will be today (May 12).
- The company will file a Form 15 to the Securities and Exchange Commission (SEC) on/about May 15 to suspend its reporting obligations.
- Vyant said the decision was taken, among other things, for the expected reduction in operating expenses by ending SEC reporting costs, which would focus resources on exploring strategic alternative or execution of an orderly wind down of the company, if necessary.
- In February, Vyant announced that its board decided to conduct a reduction in force as soon as practical to preserve cash and pursue strategic alternatives. President and CEO John Roberts and Chief Scientific Officer Robert Fremeau Jr. had also agreed to step down from their respective positions.
- Vyant said on Friday that it had adopted a cash preservation plan after engaging LifeSci Capital as its financial advisor about four months.
- Besides delisting, other cost-savings initiatives as part of the plan were workforce reduction, deferring clinical and preclinical activities, and reducing other expenses, according to the company.
- VYNT -10.61% to $0.295 premarket May 12