Vyant Bio Announces Filing Of Form 25 For Voluntary Nasdaq Delisting And SEC Deregistration
Vyant Bio, Inc. ("Vyant Bio" or "Company") (NASDAQ:VYNT) is a biotechnology company that incorporates innovative biology and data science to improve drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company's proprietary central nervous system ("CNS") drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. As previously announced on April 24, 2023, Vyant Bio notified The Nasdaq Stock Market LLC of its intention to voluntarily delist its shares of common stock, par value $0.0001 per share (the "Common Stock") from the Nasdaq Capital Market ("Nasdaq") and deregister the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").
Today, Vyant Bio announced that the Company has filed a Form 25 with the Securities and Exchange Commission (the "SEC"), and the delisting is expected to become effective on or about May 14, 2023, with the last day of trading on Nasdaq being May 12, 2023. Following delisting of such securities from Nasdaq, Vyant Bio anticipates that its Common Stock will be quoted on the Pink Open Market operated by OTC Markets Group Inc. (the "OTC") under the symbol "VYNT" starting on or about May 15, 2023. The Company intends to continue to provide information to its stockholders and to take such other actions within its control to enable its Common Stock to be quoted on the OTC Pink Open Market in the Pink Limited Information market tier. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the Common Stock will continue on an OTC market or otherwise. Going forward, Vyant Bio may, from time to time, when it deems appropriate, provide limited information regarding its financial status and business activities, or issue press releases for select events or developments.
Upon the effectiveness of the Form 25, the Company also intends to file a Form 15 with the SEC on or about May 15, 2023 to suspend its reporting obligations under the Exchange Act, and deregister the Common Stock under Section 12(b) of the Exchange Act. As previously disclosed, the Company previously filed post-effective amendments to six Registration Statements on Form S-8, four Registration Statements on Form S-3 and two Registration Statements on Form S-1 previously filed by the Company with the SEC, in each case, to remove from registration any unsold securities previously registered thereon. The Company expects that the deregistration of such securities will become effective 90 days after the filing of the Form 25 with the SEC. The documents filed with the SEC will be available on the Company's website below.
The board of directors of Vyant Bio (the "Board") made the decision to pursue this strategy following its review and careful consideration of a number of factors, including, but not limited to, the expected reduction in operating expenses by eliminating SEC reporting costs, which would allow the Company to focus more resources on its continued pursuit and exploration of satisfactory strategic alternative transactions and/or execution of an orderly wind down of the Company, if necessary. As previously announced, the Board determined that deregistration is in the overall best interests of the Company and its stockholders.
The Company adopted a Cash Preservation Plan after engaging LifeSci Capital as its financial advisor approximately four months ago to explore strategic alternatives. Other cost-savings matters being pursued as part of the Company's overall Cash Preservation Plan have been workforce reductions, deferring clinical and preclinical activities, and reducing other expenses. As previously announced, the Company believes that the delisting is one more step consistent with its Cash Preservation Plan. The Company will continue to evaluate further steps to preserve cash pursuant to the Cash Preservation Plan.