NEW YORK (360Dx) – With its available funds dwindling and with the firm unable to find new investors, Theranos is preparing to shut down, CEO and General Counsel David Taylor reported in an email to its existing shareholders yesterday.

In the email, Taylor said that Theranos — faced with an "imminent cash shortage" since April — had approached shareholders and others about possibly making new investments into the firm. At the same time it had engaged investment bank Jefferies to pursue a sale to liquidate its assets.

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