Kaleido Biosciences Shares Plunging To 52-Week Low, Read Why

Author: Vandana Singh | April 08, 2022 12:18pm

• 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.

Posted In: KLDO