CHERRY HILL, N.J., Dec. 26, 2023 (GLOBE NEWSWIRE) -- Vyant Bio, Inc. ("Vyant Bio" or "Company") (OTC: VYNT) is providing an update to shareholders regarding its winddown activities pursuant to its Plan of Liquidation and Dissolution following the sale of substantially all of its assets. Vyant Bio's Board of Directors has filed its Certificate of Dissolution with the State of Delaware with an effective time of 5:00 p.m. on December 29, 2023, after which the Company's stock will cease trading on the OTC, and the holders of shares of the Company's common stock will cease to have any rights in respect of that stock, except the right of holders at such time to receive distributions, if any, pursuant to and in accordance with the Plan of Dissolution.
The Company cannot predict with any certainty the amount of any possible liquidation payments, if any, nor the timing. However, the Company estimates that it will make its first liquidation payment, if any, in the fourth quarter of 2024.
ABOUT VYANT BIO, INC.
The Company has no continuing operating activities other than the dissolution and liquidation of its business pursuant to a Plan of Liquidation and Dissolution adopted by its shareholders.
Additional Information and Where to Find It
In connection with its dissolution, Vyant Bio filed relevant materials with the Securities and Exchange Commission (the "SEC"), including a proxy statement. INVESTORS AND SECURITY HOLDERS OF VYANT BIO ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY'S DISSOLUTION, AND RELATED MATTERS. The proxy statement and any other documents filed by Vyant Bio with the SEC, may be obtained free of charge at the SEC website at www.sec.gov.
Forward Looking Statements:
Any statements in this press release about future expectations, plans and prospects for the Company, including but not limited to statements about the ability of creditors, shareholders and other stakeholders to realize any value or recovery as part of a liquidation or wind down process, the adequacy or sufficiency of the Company's existing cash resources, and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "likely," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the estimated realized proceeds from the sale of the StemoniX assets, particularly future contingent payment, contingencies or claims arising from its historical business or current winddown activities, the actual operating expenses we incur during the dissolution and wind-up process, our ability to successfully defend, resolve and/or settle any claims that may arise, whether we become subject to additional liabilities or claims, the ability of the StemoniX buyer to achieve and achieve the milestones that are the basis of certain contingent payments, the Company's ability to continue to pay its obligations in the ordinary course of business as they come due, the actions of creditors of the Company, the StemoniX buyer's assertion of any indemnification claims, delays with respect to the events described above and such other important factors as are set forth in the Company's annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports and other filings on file thereafter with the U.S. Securities and Exchange Commission and the Pink Open Market operated by OTC Markets Group Inc. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Investor Contact:
Vyant Bio, Inc.
Andrew LaFrence, President, Chief Liquidation Officer
Email: Andrew.LaFrence@VyantBio.com
###
