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Tuesday, February 7, 2023

Yumanity (NASDAQ: YMTX) Announces Restructuring and Plans to Cut 60% Workforce

Yumanity Therapeutics, Inc. (NASDAQ: YMTX) disclosed that it is searching for strategic alternatives to maximize the wealth of shareholders. The Company has employed H.C. Wainwright as its exclusive financial advisor to guide in this process. The Board of Directors has also confirmed a strategic restructuring to preserve capital.

According to the restructuring plan, the Company expects to reduce nearly 60% of its workforce. The decision will be executed by April. The decision of job cut is being taken by the company to cut cash burn while the Company investigates strategic alternatives. The company also anticipates earning a non-recurring charge of nearly $0.4 million in the first quarter of 2022 related to the restructuring.

Furthermore, acquisitions, mergers, reverse mergers, other company combinations, asset sales, licensing, and other strategic activities are all possible strategic choices that could be examined as part of this process. There is no guarantee that exploring strategic options will culminate in any agreements or deals, or that such agreements or transactions if finalized, will be effective or on favorable terms.

Additionally, the company has not disclosed any timetable for the execution of this process. Moreover, the Company does not anticipate revealing changes unless and until the Board of Directors has decided that disclosure is correct or mandatory. Yumanity Therapeutics has earned a reputation as a clinical-stage biopharmaceutical company committed to quickening the development in the treatment of neurodegenerative diseases through its scientific foundation and drug discovery platform.

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