SAN FRANCISCO - Better Therapeutics, Inc. (NASDAQ:BTTX), a digital therapeutics company, announced Wednesday that it will be laying off its workforce and considering strategic alternatives, including potentially assigning its assets for the benefit of creditors or winding down the company. This decision follows a special board of directors meeting held the previous evening.
The company also disclosed ongoing compliance issues with the Nasdaq Stock Market's listing standards. In response, Better Therapeutics has voluntarily requested a delisting of its securities and anticipates that its securities will be removed from the Nasdaq in the near future.
These developments come at a challenging time for Better Therapeutics, which has been grappling with the requirements to maintain its position on the Nasdaq exchange. The company's move to explore strategic alternatives suggests it is considering a range of options to address its current situation.
The announcement underscores the difficulties faced by some digital health companies in the current economic climate, as they navigate regulatory compliance and market pressures. Better Therapeutics has not provided details on the number of employees affected by the layoffs or the specific strategic alternatives it is considering.
The information in this article is based on a press release statement from Better Therapeutics, Inc. and does not include any speculation or subjective assessment of the company's future prospects or the potential impact of its strategic decisions.
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