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Embattled biotechnology firm NexImmune is seeing shares skyrocket on Thursday, possibly due to anticipation around a lingering business matter. Due to severe financial struggles, management has sought to dissolve the enterprise. However, it has consistently failed to meet quorum. Still, the dramatic rise of NEXI stock today suggests that a resolution has passed or has a strong chance of doing so.
In a letter dated June 21, NexImmune’s leadership invited shareholders to meet earlier this morning. The special meeting was to be held virtually via a live webcast. Management took this course of action to help improve efficiency and also ensure greater participation. This last point is especially important for the company due to its prior struggles, which are listed below:
Ultimately, the board of NexImmune felt that dissolution was the best decision in an unfortunate circumstance.
NEXI Stock Pops Higher on Hopes of an Orderly Exit
One critical factor to consider regarding NEXI stock is that the majority of its shareholders consistently voted for dissolution. However, because the quorum — or the minimum number of shareholders needed to be present — was never met, an ultimate resolution could not be achieved. It’s possible, then, that today’s dramatic lift may signal such a resolution.
Either way, the fundamental reason for bullishness in NEXI centers on the implied orderly exit. It’s clear that many participating shareholders want to dissolve the entity. The reason is that, per management, one of the few other alternatives is to declare bankruptcy, which could be a messy situation. Most importantly, common stock shareholders would be last in line to recover any assets following a liquidation.
The advantage of a dissolution or even a gradual winding down of the business is management’s control of the process. In NexImmune’s case, it could cease operations under its own terms, settle with creditors and then distribute any available assets to shareholders.
Finally, a dissolution is preferable over a bankruptcy when it comes to reputation. Bankruptcies are public and carry a stigma that’s difficult to shake. However, a dissolution is more discrete and can potentially better preserve business and investor relationships for any future endeavors.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.
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NexImmune just reported results for the first quarter of 2024.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
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NexImmune just reported results for the fourth quarter of 2023.
InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at editor@investorplace.com.
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Shares of HighPeak Energy, Inc. fell sharply during Thursday’s session after the company reported worse-than-expected fourth-quarter revenue results.
HighPeak Energy posted GAAP earnings of 66 cents per share, versus market estimates of 65 cents per share. The company’s quarterly sales came in at $301.153 million versus expectations of $339.525 million.
HighPeak Energy shares declined 15.3% to $13.49 on Thursday.
Here are some other stocks moving in today's mid-day session.
Gainers
Losers
Now Read This: How To Earn $500 A Month From Broadcom Ahead Of Q1 Earnings Report
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Mobileye Global shares slumped 26% Thursday premarket after the company warned of a 50% drop in Q1 revenue.
FGI Industries tumbled 20% following a 3% increase in the previous session.
Neximmune shares declined 14%, paring an outsized gain from the previous session.
ABVC Biopharma shares fell 15%, shaving Wednesday's rally.
Evotec shares were 11% lower after the company said Wednesday that its chief executive officer will step down from the role due to personal reasons.
NexImmune proposes on December 21 meeting for shareholder approval of liquidation. The board unanimously supports dissolution after evaluating strategic options and the company's financial status.
Trouble emerged in September with NexImmune reducing its workforce and pausing clinical trials.
Despite this, surged 35% between November 27 and 30, prompting Nasdaq's intervention.
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