NexImmune (NASDAQ:NEXI) stock is taking a beating on Monday after the clinical-stage biotechnology company continues with its wind-down plans.
NexImmune announced last week the departure of members of its leadership team as it prepares to close up the business. Alongside that news came it revealing layoffs for nearly everyone at the company. The only remaining workers will be those needed to effect the closure of the business.
NexImmune is planning for these layoffs to go into effect this month. It will also be making filings with the Securities and Exchange Commission (SEC) and holding a shareholder meeting to cover its wind-down of the business.
How This Affects NEXI Stock
Considering NexImmune is heading toward closing up shop, it makes sense that shares of NEXI stock would fall. The company’s stock isn’t likely to exist for much longer and investors are selling shares ahead of that.
Investors will note that NexImmune has been making changes these last few months to try and stay in business. That included a reverse stock split, as well as a previous round of layoffs to allow it to better focus its product development.
NEXI stock is down 9.9% as of Monday morning.
Investors seeking out even more of the most recent stock market stories are going to want to stick around!
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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.
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