Why Neximmune (NEXI) Stock Is Getting Hammered

Neximmune Inc NEXI shares are trading lower by 10.2% to $3.34 Friday morning. The stock is falling after the company's Board of Directors on Thursday unanimously approved a plan to dissolve the company, contingent upon stockholder approval, while also exploring options to maximize its business and asset value.

What Else?

Neximmune plans to convene a special stockholder meeting to seek approval and will submit proxy materials to the Securities and Exchange Commission soon.

Additionally, on October 31, the Board authorized a significant reduction in the company's workforce, except for essential management members needed for the dissolution process and value optimization efforts.

The exact cost of the reduction is uncertain at this time, but the company will update this information within four business days. The reduction is expected to be mostly completed by November 2023.

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According to data from Benzinga Pro, NEXI has a 52-week high of $20.35 and a 52-week low of $2.30.