YMTX - Yumanity to cut 60% of workforce as it evaluates strategic alternatives for business

Yumanity Therapeutics (NASDAQ:YMTX) has added ~2% in the pre-market on Thursday after the company announced plans to reduce nearly 60% of its workforce by April as part of a strategic restructuring of its business. In addition, Yumanity (YMTX) announced it is evaluating strategic alternatives for the company to increase shareholder value. The reduction of workforce is aimed at lowering the cash burn as the company evaluates strategic alternatives. Yumanity (YMTX) has obtained the services of H.C. Wainwright as its exclusive financial advisor in this regard. The company listed an acquisition, merger, reverse merger, other business combination, sales of assets, licensing or other strategic transactions as potential strategic alternatives with no timeline for the completion. “There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms,” it added. Yumanity (YMTX) expects

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Yumanity to cut 60% of workforce as it evaluates strategic alternatives for business