CHEK - Check-Cap announces review of strategic alternatives and cuts workforce by 90%
2023-06-06 11:20:28 ET
- Check-Cap ( NASDAQ: CHEK ) has announced that the company is exploring strategic alternatives focused on maximizing stockholder value and has engaged Ladenburg Thalmann & as an advisor to the Company in this process.
- Strategic alternatives include the sale of all or part of the Company, licensing, merger or reverse merger.
- Additionally, the Company has approved a reduction in its workforce by approximately 90 percent, to reduce the cash burn, following which the Company expects to have eight remaining employees.
- In light of these developments, the Company is discontinuing the calibration studies and does not plan on commencing the powered portion of its U.S. pivotal study, and plans to concentrate its resources on its essential research activities and strategic alternatives.
- CHEK is +6.7% to $1.95
- Source: Press Release
For further details see:
Check-Cap announces review of strategic alternatives and cuts workforce by 90%