Vyant Bio Inc. (OTC:VYNT) Issues Update on Winddown Activities
A day after Christmas, Vyant Bio Inc. (OTC:VYNT) was in the news cycle in a big way after it provided a major new update to its shareholders pertaining to its wind-down activities. The company noted that the activities were in alignment with the Plan of Liquidation and Dissolution after it had completed the sale of the majority of its assets.
The company revealed that its Board of Directors had filed its Certificate of Dissolution with the State of Delaware with the effective date of December 29, 2023, and the effective time of 5 PM. Following that deadline, Vyant Bio stock would stop trading on the OTC, and those who were in possession of the company’s stock would no longer have any rights. However, the shareholders would still continue to have rights pertaining to the receipt of any distributions in line with the Plan of Dissolution. It was also noted in the news release that it was not possible for the company to estimate the magnitude of the liquidation payments.
On November 1, the company announced the results of the Special Meeting of Shareholders that was held on the same day. The highlight of that meeting was that the company’s shareholders had voted in favor of the proposal for the approval of the voluntary liquidation and dissolution of Vyant Bio, as per the Plan of Liquidation and Dissolution.
The company’s board of directors had made a unanimous recommendation in favor of the proposal as well. The proposal garnered the affirmative vote of 94% of the shares that cast their votes and 53.1% of the entirety of the outstanding common shares of Vyant Bio at the time. At the time, the company had noted that it would provide further information about the date of dissolution.
