Why Talis Biomedical (TLIS) Stock Is Getting Obliterated Today

Benzinga

Talis Biomedical Corp shares are trading lower by 49% to $4.58 during Wednesday’s session. The company announced board restructuring, appointed new directors and updated investors on potential bankruptcy proceedings.

What Happened?

The company says on July 31, Talis Biomedical Corporation’s board, guided by the Nominating and Corporate Governance Committee, began restructuring its composition. Heinrich Dreismann resigned effective August 1, and Patricia Ferrari and John T. Young, Jr. were elected to the board. Young’s term runs until the 2025 annual meeting, and Ferrari’s until the 2024 annual meeting. The board now has eight members.

Ferrari and Young were also appointed to a Special Restructuring Committee to manage ongoing securities class action litigation and potential bankruptcy proceedings. Both have extensive experience in bankruptcy and liquidation advisory. The company says Ferrari has held significant roles at Cano Health and MBIA Inc., while Young is the managing partner of Neinda Advisors LLC.

Ferrari and Young will each receive a $35,000 monthly retainer, guaranteed for up to six months or until a liquidation plan is approved. Young will also receive an annual $10,000 retainer as Chair of the Audit Committee. Their appointments and indemnification agreements follow Nasdaq’s independence standards. Dreismann’s resignation was amicable, and the company thanked him for his service.

According to data from Benzinga Pro, TLIS has a 52-week high of $9.60 and a 52-week low of $4.35.

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Why Is Talis Biomedical (TLIS) Stock Down 52% Today?

InvestorPlace

Talis Biomedical

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NightHawk Biosciences

Talis Biomedical stock is falling on Wednesday after the company provided investors with an update on its restructuring plans.

Talis Biomedical has brought on two new board members in Patricia Ferrari and John Young, Jr. These two have also elected to serve on a special committee focused on the restructuring of the company.

Talis Biomedical notes that this special committee will focus on a few troublesome matters for the company. That includes ongoing securities class action litigation, determining if the company should file for Chapter 11 bankruptcy and settling any claims made against current or former company leaders in a potential bankruptcy filing.

Talis Biomedical notes that it specifically brought in Ferrari and Young as board members due to their deep experience in bankruptcy and liquidation proceedings. At the same time that they join the board, Heinrich Dreismann has voluntarily resigned from it.

What This Means for TLIS Stock

Considering the focus on bankruptcy talk today, it makes sense that investors are spooked. A bankruptcy and liquidation would spell the end of the company and TLIS stock.

With this news comes some 18,000 shares of TLIS stock changing hands. This may not seem like much but it’s more than double the company’s daily average trading volume.

TLIS stock is down 51.5% this morning.

Investors will want to keep reading for even more of the most recent stock market stories on Wednesday!

We have all of the hottest stock market available today! That includes what’s happening with shares of Scorpius stock, G1 Therapeutics stock and Zhongchao stock today. All of this info is ready at the links below!

More Stock Market News for Wednesday

Why Is Scorpius (SCPX) Stock Down 79% Today?
Why Is G1 Therapeutics (GTHX) Stock Up 66% Today?
Why Is Zhongchao (ZCMD) Stock Up 52% Today?

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On the date of publication, William White 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.

Top Premarket Decliners

MT Newswires

Talis Biomedical

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Emergent BioSolutions

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Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday

InvestorPlace

AlphaVest Acquisition Corp. Right

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Pre-market stock movers are a hot topic on Wednesday and we have all of the latest news traders need to know about them this morning!

Earnings reports, an acquisition deal and more are behind today’s biggest stock market movements.

Let’s get into that news below!

Biggest Pre-Market Stock Movers: 10 Top Gainers

Zhongchao stock is rocketing 78% higher alongside heavy pre-market trading.
G1 Therapeutics shares are soaring more than 65% on an acquisition deal.
Richtech Robotics stock is surging over 48% with strong early morning trading.
AlphaVest Acquisition Corp – Right shares are gaining more than 46% this morning.
Inogen stock is increasing over 31% with its Q2 earnings report.
Upstart shares are rising more than 25% after reporting a Q2 revenue beat.
Lumen Technologies stock is heading over 24% higher with its latest earnings.
Veracyte shares are climbing close to 22% after announcing its Q2 results.
Direxion Shares ETF Trust Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares are jumping more than 19% this morning.
Shopify stock is up 18% on solid Q2 earnings results.

10 Top Losers

Scorpius shares are crashing over 79% on a proposed public offering.
Talis Biomedical stock is plummeting more than 47% on restructuring updates.
DZS shares are diving over 45% as it prepares for a delisting notice.
Stem stock is tumbling 38% on Q2 misses.
Nevro shares are taking a more than 37% beating after cutting its revenue outlook.
Emergent BioSolutions stock is sliding over 35% alongside its Q2 results.
VBI Vaccines shares are dropping more than 34% after a rally yesterday.
Expion360 stock is decreasing over 28% with a public offering.
Evotec shares are falling more than 22% on a profit warning.
CryoPort stock closes out our pre-market stock movers down over 20% after missing Q2 estimates.

Talis Biomedical Shares Tumble Premarket as Company Mulls Bankruptcy

Dow Jones Newswires

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Why Fortinet Shares Are Trading Higher By Around 17%; Here Are 20 Stocks Moving Premarket

Benzinga

Shares of Fortinet, Inc. rose sharply in today's pre-market trading after the company reported better-than-expected second-quarter financial results and issued guidance above estimates.

Fortinet's second-quarter revenue increased 11% year-over-year to $1.43 billion, beating consensus estimates of $1.403 billion. The cybersecurity company reported second-quarter adjusted earnings of 57 cents per share, beating analyst estimates of 41 cents per share.

Fortinet shares jumped 17% to $65.29 in pre-market trading.

Here are some other stocks moving in pre-market trading.

Gainers

Richtech Robotics Inc. rose 68.1% to $0.6220 in today's pre-market trading after dipping around 74% on Tuesday.
Lumen Technologies, Inc. gained 43% to $7.15 in pre-market trading after the company reported better-than-expected second-quarter revenue results.
Zhongchao Inc. gained 34.2% to $1.65 in pre-market trading.
Upstart Holdings, Inc. jumped 24% to $29.60 in pre-market trading after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance above estimates.
Latham Group, Inc. shares gained 20.6% to $3.75 in pre-market trading after the company reported better-than-expected second-quarter financial results and raised its FY24 revenue guidance above estimates. Additionally, the company announced an acquisition of Coverstar Central.
Mynd.ai, Inc. shares rose 15.9% to $2.55 in pre-market trading after falling around 7% on Tuesday.
Beyond Air, Inc. shares rose 14.3% to $0.5770 in pre-market trading after the company reported better-than-expected quarterly EPS results.
Snow Lake Resources Ltd. gained 12.8% to $0.5756 in pre-market trading after jumping around 13% on Tuesday.
Corvus Pharmaceuticals, Inc. shares gained 10% to $3.30 in pre-market trading after the company reported a narrower-than-expected quarterly loss.

Losers

Scorpius Holdings, Inc. shares dipped 77% to $1.30 in pre-market trading after gaining 19% on Tuesday. Scorpius announced that it has surpassed $100 million in near-term business development opportunities across government and commercial sectors.
Talis Biomedical Corporation shares declined 52.7% to $4.25 in pre-market trading after the company initiated a board restructuring.
Porch Group, Inc. declined 38.2% to $1.07 in pre-market trading after reporting weak quarterly results.
Stem, Inc. shares declined 37.1% to $0.6274 in pre-market trading after the company reported mixed second-quarter financial results.
Emergent BioSolutions Inc. shares fell 36.2% to $6.27 in pre-market trading after posting a loss for the second quarter.
DZS Inc. fell 36.2% to $0.66 pre-market trading after the company announced it received a delisting notice from the Nasdaq.
VBI Vaccines Inc. fell 32.2% to $0.09 in today's pre-market trading after jumping 111% on Tuesday.
Nevro Corp. shares fell 31.1% to $5.99 in pre-market trading after the company reported worse-than-expected second-quarter sales results.
Evotec SE fell 24.5% to $2.90 in pre-market trading after declining around 11% on Tuesday.
Cryoport, Inc. shares fell 23.5% to $5.95 in pre-market trading after posting weak quarterly sales.

Now Read This:

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Talis Biomedical - On July 31, Board Upon Recommendation Of Nominating & Corporate Governance Committee Began Taking Steps To Restructure Board

Reuters

Talis Biomedical

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Aug 6 (Reuters) - Talis Biomedical Corp TLIS.O:

TALIS BIOMEDICAL - ON JULY 31, BOARD UPON RECOMMENDATION OF NOMINATING & CORPORATE GOVERNANCE COMMITTEE BEGAN TAKING STEPS TO RESTRUCTURE BOARD
TALIS BIOMEDICAL - ACCEPTING VOLUNTARY RESIGNATION OF HEINRICH DREISMANN FROM BOARD EFFECTIVE AUGUST 1
TALIS BIOMEDICAL - FIXING SIZE OF BOARD AT EIGHT MEMBERS
TALIS BIOMEDICAL - CREATING SPECIAL RESTRUCTURING COMMITTEE OF BOARD

Source text for Eikon: [ID:n0000950170-24-091874]

Further company coverage: TLIS.O

(( Reuters.Briefs@thomsonreuters.com ;))

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