CHERRY HILL, N.J., Nov. 10, 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 currently anticipates that it will file a Certificate of Dissolution with the State of Delaware in late December 2023, after which the Company’s common stock will cease to trade and 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 the date we file the Certificate of Dissolution to receive distributions, if any, pursuant to and in accordance with the Plan of Dissolution.
While the Company cannot predict with certainty the amount of any possible liquidation payments, the Company currently estimates that the liquidation payments to its shareholders will range from $0.16 to $0.29 per share, with the principal variable being the amount it receives with respect to the aggregate of $1.175 million of contingent payments provided for in the agreement for the sale of its assets. As noted in our forward looking statements paragraph included herein and the Company’s Proxy Statement filed with the U. S. Securities and Exchange Commission on August 16, 2023, there a number of other factors outside of the control of the Company that could materially change the estimated liquidation proceeds payable to shareholders. The Company estimates that it will make its first liquidation payment 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 on November 1, 2023.
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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, and the ability of the 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 ability to further reduce expenses, the adequacy of its capital resources in light of changing circumstances, the actions of creditors of the Company, the 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.
Vyant Bio, Inc.
Andrew LaFrence, President, Chief Executive Officer and Chief Financial Officer