VYNT - Vyant CEO to step down as board plans to reduce workforce explore alternatives
- Vyant Bio ( NASDAQ: VYNT ) said that its board decided to conduct a reduction in force as soon as practical so as to preserve cash and pursue strategic alternatives and/or wind down the company, if needed.
- President and CEO John Roberts and Chief Scientific Officer Robert Fremeau Jr. agreed to to step down from their respective positions, effective as of Feb. 3, to preserve cash for executing an orderly wind down process, according to the company.
- Roberts will remain a board member.
- CFO Andrew LaFrence will assume the role of President and CEO to lead the company through the transition period.
- LifeSci Capital is acting as an advisor.
- Vyant noted that its decision to potentially pursue other strategic alternatives is because it believes that its stock price does not reflect the fundamental value of the business.
- "The Company's Board and Management believe that it is prudent to allow time for LifeSci Capital to continue its mandate of exploring potential strategic transactions while providing for prudent cash management in the event strategic alternatives fail to materialize and an orderly wind down of the Company’s operations becomes necessary," said CFO LaFrence.
- VYNT +3.88% to $1.07 premarket Feb. 3
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Vyant CEO to step down as board plans to reduce workforce, explore alternatives