Vyant Bio Inc. (OTC:VYNT) Stock Trends Higher: Here is Why
There are a large number of companies that are going to come into focus this morning as another trading week begins, and one of those could well be Vyant Bio Inc. (OTC:VYNT). It was, in fact, in the news cycle this past Friday after it came up with an update for its shareholders.
The update was about some of the wind-down activities pertaining to the Plan of Liquidation and Dissolution after the sale of almost all of its assets. It was noted that the Board of Directors at the company would file a certificate of dissolution with the State of Delaware at some point at the end of December this year. Following the filing, the Vyant Bio stock would no longer trade, and the existing shareholders would no longer have any rights with regards to their holdings.
Although Vyant Bio noted that it was not sure about the specific amount of liquidation payments to the shareholders, it provided an estimate of $0.16 to $0.29 a share in its news release on November 10. The principal that would be received by the company would vary as per the amount it ultimately receives pertaining to the $1.75 million in the form of contingent payments that had been accounted for in the original agreement for the sales of the assets.
The company also pointed out that in its proxy statement that had been filed with the United States Securities and Exchange Commission, it stated that there were many factors beyond its control with regards to the liquidation proceeds for shareholders. The company noted that it aimed to make its first liquidation payment at some point in the fourth fiscal quarter of 2024. It ought to be noted that, at this point, the company does not have any continuing operations. Its current focus is entirely on the liquidation and dissolution of its business as per the Plan of Liquidation and Dissolution that was adopted by the shareholders on November 1, 2023, at a special meeting.
On November 1, the company announced the results of a special meeting of shareholders with regards to a vote about the plan of dissolution. Vyant Bio revealed that, following a unanimous recommendation from the board of directors, the shareholders also voted in favor of the approval for the dissolution and liquidation of the company. The proposal got an affirmative vote from as many as 94% of the shareholders who cast their votes, as well as 53.1% of the entirety of the company’s outstanding shares. At the time, it was noted that the Board of Directors of the company was going to work out the process of filing a Certificate of Liquidation and Dissolution with the State of Delaware.
The company entered the news cycle on October 24 after it announced that it had concluded the sale of all or almost all of its assets as per the terms of an asset purchase agreement that it had signed dated July 13, 2023.