Yumanity Therapeutics, Inc. (NasdaqCM:YMTX) announced on February 17, 2022 that it is exploring strategic alternatives with the goal of enhancing shareholder value. The Company has engaged H.C. Wainwright as its exclusive financial advisor to assist in this process. Potential strategic alternatives that may be considered as part of this process include an acquisition, merger, reverse merger, other business combination, sales of assets, licensing or other strategic transactions involving the Company.

There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. No timetable has been established for the completion of this process, and the Company does not expect to disclose developments unless and until the Board of Directors has concluded that disclosure is appropriate or required. In addition, the Board of Directors has approved a strategic restructuring with the objective of preserving capital. As part of the restructuring, the Company anticipates eliminating approximately 60% of its workforce, to be completed by April, among other actions to reduce cash burn while the Company explores strategic alternatives.

The Company also expects to incur a non-recurring charge of approximately $0.4 million in the first quarter of 2022 related to the restructuring.