GRAY - Graybug stock soars 65% as company explores strategic options including sale

Graybug Vision (NASDAQ:GRAY) stock soared 65% on June 28 after the company said its board will undertake a review of strategic alternatives, including potential sale or merger transactions. Graybug said it will explore the potential for an acquisition, company sale or of assets, merger, private placement or other strategic transactions. As of March 31, 2022, the company's cash and short-term investments were $55.3M. "Pending the outcome of this review, cost-containment measures are being put in place to maximize our cash resources available,” said Graybug CEO Frederic Guerard. Graybug (GRAY) added that it has retained Piper Sandler as financial advisor for the review but noted that there is no certainty that this process will lead to any such transaction.

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Graybug stock soars 65% as company explores strategic options including sale