Orphazyme A/S (ORPH) gained in the pre-market after announcing filing a case in the court for the company’s restructuring. ORPH values at $0.81, gaining more than 23% compared to the closing price on Wednesday. The stock closed at $0.66 at the end of the last trading session. The stock volume traded in the previous trading session was around 1.68 million shares. The current market cap of the company is about $25.42 million.
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ORPH files petition in court for restructuring of Orphazyme A/S
In light of the company’s financial situation, a petition for Orphazyme’s in-court restructuring was filed by the board of directors of Orphazyme A/S (ORPH) on February 23, 2022. There will be a 50% decrease in the current worldwide workforce as part of the company’s restructuring initiatives.
All or a portion of the company’s activities may be allowed to continue as part of the in-court reorganization, providing a basis for future capital injections and the sale of all or a portion of its assets. Orphazyme recently shut down its commercial activities in Germany, the United Kingdom, and the United States as part of an attempt to save expenses.
ORPH CEO’s Remarks
The neglecting behavior from regulatory authorities in the US and EU lead Orphazyme CEO Anders Vadsholt to make difficult choices. Our team has worked tirelessly to provide arimoclomol to people with Niemann-Pick disease type C. The loss of valued colleagues saddens me; I commend them for their devotion to Orphazyme and dedication to aiding patients in need.
ORPH: Financial Calendar Update
On March 3, 2022, Orphazyme A/S (ORPH) announced in press release information about its dates for different events that investors should keep an eye on.
- By March 17, 2022, shareholder proposals must be submitted to the Annual General Meeting.
- On April 7, 2022, the annual report for the year 2021 will be released.
- This year’s Annual General Meeting will be held on April 29, 2022.
- On August 25, 2022, the Interim Report for the First Half of 2022 will be made public.
ORPH has decided to knock on the doors of court after getting disappointed by regulatory authorities in the EU and US. The company has taken a bold step and let us where does it go.