NLS Pharmaceutics AG (NASDAQ:NLSP) shares are trading lower by 40% to $0.30 Thursday morning after the company announced it is seeking strategic alternatives to enhance shareholder value by exploring partnerships, licensing its intellectual property and implementing cost-saving measures.

NLS Pharmaceutics says the company has initiated steps like partnering to license their key asset, securing additional financing and reducing their workforce by 50%. The moves aim to diversify revenue, extend cash reserves and streamline operations while maintaining a commitment to innovation and quality.

The company's CEO invites stakeholders to follow their journey as they navigate these changes, expressing confidence that these initiatives will strengthen their position as a leader in therapies for complex nervous system disorders.

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According to data from Benzinga Pro, NLSP has a 52-week high of $1.88 and a 52-week low of $0.30.