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Benzinga
Benzinga
Technology
Vandana Singh

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

Company Nasdaq Piper Sandler Securities and Exchange Commission
  • 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.
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