Calyxt Exploring Strategic Alternatives

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In Minnesota, synthetic biology company Calyxt says it is “evaluating potential strategic alternatives to maximize shareholder value,” including financing alternatives, merger, reverse merger, other business combinations, sale of assets, licensing, or other transactions. 

Calyxt uses its proprietary PlantSpring™ technology platform to engineer plant metabolism to produce high-value, plant-based chemistries for use in customers’ materials and products. It reported revenue of $41,000 for the second quarter ended June 30, down significantly from $11.9 million in the year ago quarter. The decrease in revenue was driven by the late 2021 completion of the wind-down of the Company’s soybean product line. 

Calyxt has retained Canaccord Genuity as its financial advisor and Sidley Austin as its legal counsel to assist in evaluating potential strategic alternatives.

“There can be no assurance that the evaluation of strategic alternatives will result in any strategic alternative, or any assurance as to its outcome or timing,” the company says in a press statement. “Calyxt has not set a timetable for completion of the process and does not intend to disclose developments related to the process unless and until Calyxt executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.”