By Connor Hart
Molecular Templates' board unanimously approved the liquidation and wind up of the company.
The Austin, Texas-based biotechnology company it intends to call a special meeting of its stockholders to seek approval of a distribution plan, adding it will file proxy materials relating to the special meeting as soon as practicable, according to a Securities and Exchange filing on Friday.
The company, which began exploring strategic alternatives with third-party advisers more than a year ago, said that there are no other options currently available. The company doesn't expect its stockholders will receive value for their shares in connection with a dissolution.
Molecular Templates will continue to pursue strategic alternatives and potential funding sources as it moves forward with the liquidation and wind up.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 11, 2024 17:08 ET (21:08 GMT)
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