On October 31, 2023, Gelesis Holdings Inc announced that, after considering all strategic alternatives, the Company, together with its U. S. subsidiaries, Gelesis Inc and Gelesis LLC, ceased operations and filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware Case No. 23-11787. In addition, the Company stated that a Chapter 7 trustee will be appointed by the Bankruptcy Court and will assume control over the assets and liabilities of the Company, effectively eliminating the authority and powers of the Board of Directors of the Company and its executive officers to act on behalf of the Company and the assets of the Company will be liquidated and claims paid in accordance with the Bankruptcy Code.

Further, the Company stated that concurrent with the Bankruptcy Filing, on October 30, 2023, Yishai Zohar and David Pass tendered their resignations, effective October 30, 2023, as of October 30, 2023, the Company has no officers, consultants or employees, and directors Paul Fonteyne, Alison Bauerlein, Kathryn Cavanaugh, Clayton Christopher, Jane Wildman and Yishai Zohar resigned as members of the Company's Board of Directors, the Company has no current members of the Board of Directors.