NeuroMetrix Reiterates Its Review Of Strategic Alternatives; In Collaboration With A Financial Advisor, The Company Conducted An Extensive Survey Of Potential Transactions; Implemented A Substantial Reduction-In-Force At The End Of Q1 To Lower Operating Expenses By Over $500K Per Quarter; Is Engaged In Discussions To Sell Certain International Assets That Are Not Central To The Company's Core Domestic Focus

Author: Benzinga Newsdesk | August 13, 2024 02:49pm

NeuroMetrix, Inc. (NASDAQ:NURO) today for the purpose of clarity, reiterated that the Company is engaged in a review of strategic alternatives.

 

In February of this year, the Company announced that it had initiated a review of strategic options with an objective of enhancing shareholder value. Over the past 6 months, the Company has invested considerable effort in evaluating a number of specific strategic directions and also making financial, operational and commercial optimizations.

• In collaboration with a financial advisor, the Company conducted an extensive survey of potential transactions. Detailed diligence was performed on multiple opportunities; however, the Company determined that none of these opportunities were in the best interests of its shareholders at this time.
• The Company implemented a substantial reduction-in-force at the end of Q1 to lower operating expenses by over $0.5M per quarter.
• The Company is engaged in discussions to sell certain international assets that are not central to the Company's core domestic focus.
  • The Company reported cash and cash equivalents of $16.4M for the quarter ended June 30, 2024.

Posted In: NURO