XTENT, Inc. (XTENT), a developer and marketer of customizable drug-eluting stent (DES) systems, said its board approved a plan of complete liquidation and dissolution of the company (the plan of dissolution) subject to stockholder approval, after considering potential strategic alternatives. Xtent intends to hold a special meeting of the stockholders to seek approval of the plan of dissolution and it filed related proxy materials with the Securities and Exchange Commission.
Although the company’s board of directors has approved the plan of dissolution, it will continue to consider any reasonable alternative strategic proposals presented to the company.
The Plan of Dissolution contemplates an orderly wind down of the company’s business and operations. If the company’s stockholders approve the Plan of Dissolution, the company intends to file a certificate of dissolution, satisfy or resolve its remaining liabilities and obligations, including contingent liabilities and costs associated with the liquidation and dissolution, make reasonable provisions for unknown claims and liabilities, and make distributions to its stockholders of cash available for distribution, subject to applicable legal requirements. Following stockholder approval of the Plan of Dissolution and the filing of the certificate of dissolution, the company plans to delist its common stock from the NASDAQ Global Market.
Earlier on January 23, 2009, XTENT announced that it plans to engage an investment bank to help the company pursue strategic alternatives, which could include the possible sale of some or all of its assets or other types of merger or acquisition transactions.
Further, the company said that on January 22, 2009, it has notified 112 employees out of its total employment base of 121 that their positions would be eliminated, effective March 23, 2009.