What's Going On With Neximmune (NEXI) Stock Monday?

Neximmune Inc NEXI shares are trading lower by 4.78% to $2.79 Monday morning. The stock is declining on downward momentum due to the company's Board of Directors on Thursday unanimously approving a plan to dissolve the company, pending stockholder approval. Additionally, they are considering ways to maximize the company's business and asset value.

What Else?

Neximmune is calling a special stockholder meeting to gain approval and will soon submit proxy materials to the Securities and Exchange Commission. On October 31, the Board authorized a substantial reduction in the company's workforce, excluding essential management members involved in dissolution and value optimization.

The precise cost of the reduction is unknown, but the company said it will soon provide an update. The reduction is anticipated to be largely finalized by November 2023.

See Also: Rivian Automotive Inc's Q3 Earnings Preview

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