Motus GI Holdings Looks For Strategic Alternatives

Motus GI Holdings Inc MOTS has initiated a process to explore a range of strategic and financing alternatives. As part of this process, the company has engaged Lake Street Capital Markets LLC as an advisor.
In addition, the board has approved a strategic restructuring program to preserve capital by initially reducing quarterly operating costs by approximately 35%.
Motus plans to eliminate approximately 45% of its workforce, which is expected to be completed during the first quarter of 2023, to reduce the company's cash burn.
The company expects to incur a non-recurring charge of approximately $1.0 to 2.0 million in Q1 of 2023 related to the restructuring.
The planned restructuring is intended to position the company to explore all strategic alternatives, continue supporting its existing customers utilizing Pure-Vu EVS for colonoscopies, and target pipeline opportunities with contracted health systems.
The company reported $13.3 million in cash and cash equivalents as of September 30, 2022, and is anticipated to meet operational needs through the second quarter of 2023.
Price Action: MOTS shares are down 6.20% at $0.94 on the last check Tuesday.
Photo Via Company