Bankrupt Gritstone bio falls after reducing workforce

Gritstone bio

17/10/2024 12:24

** Shares of drug developer Gritstone bio  GRTS.O  fall
16.3% to 5 cents premarket
    ** Late on Wednesday, co said it will reduce its workforce
by 19% or 25 employees in connection with its Chapter 11
bankruptcy
    ** GRTS expects to record a one-time charge of about
$300,000 related to the reduction in its workforce, which will
be incurred in Q4
    ** Co filed for bankruptcy on Oct. 10
    ** "Trading of the company's common stock will be suspended
at the opening of business on October 22" - GRTS
    ** Up to last close, stock down 97.1% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))