- Kaleido Biosciences Inc (NASDAQ:KLDO) has delivered formal notice to voluntarily delist its common stock from NASDAQ as the Company will stop all operations.
- The Company expects to file a Form 25 with the Securities and Exchange Commission by April 18 to effect the voluntary delisting effective by April 28.
- The Board of Directors voted to immediately wind down and cease all of the Company’s ongoing operations.
- Related: Kaleido Halts Upcoming Phase 2 COPD Trial, Piper Sandler Cuts Price Target.
- In connection with the cessation of activities, the employment of all of the Company’s remaining employees was terminated effective immediately.
- As previously announced, the Company had initiated a strategic process, but it did not result in the identification of any viable transactions, given its limited remaining resources.
- The Company cannot continue operations and believes that the best alternative is an orderly wind-down process.
- Price Action: KLDO shares are down 74.9% at $0.37 during the market session on the last check Friday.
