Xtent has announced plans to engage an investment bank to help it pursue strategic alternatives, which may include the sale of some or all of its assets or other types of merger or acquisition transactions intended to maximize shareholder value.
The Menlo Park, Calif.-based company said that it has notified 112 employees that their positions would be eliminated, effective March 23. The company’s total employment base is 121.
“Given the continued challenges faced in the capital markets, we believe it is in the best interests of the shareholders to consider strategic options,” said Gregory Casciaro, president and CEO of Xtent.
The company said that it will execute plans to reduce activities and costs to a critical minimum, including a significant reduction in headcount in order to preserve cash and flexibility.
Xtent said it does not intend to disclose developments regarding its evaluation of strategic alternatives unless and until all viable options are explored and the company has entered into a transaction. The company noted that there can be no assurances that it will be able “to obtain financing and/or enter into a strategic transaction, or as to the timing or terms of any such transaction.”