In an email, the company's CEO said it is running out of funds and has been unable to find new investors — the shutdown could start on Sept. 10.
Having achieved CE marking, the new OLO system has launched in Europe and non-US countries, while the company is conducting studies necessary for US FDA clearance.
Elizabeth Holmes also stepped down from her position as Theranos CEO on Friday, to be replaced by the company's general counsel David Taylor.
Company Founder and CEO Elizabeth Holmes has agreed to pay a $500,000 penalty. She is also barred from serving as an officer or director of a publicly traded company for 10 years.
LabCorp and Walgreens will create co-branded testing centers within seven Walgreens located in Denver, North Carolina, and Illinois.
Following the completion of the recapitalization, participating shareholders released Theranos from any potential claims.
Partner Fund Management sued Theranos, saying the blood testing firm had deceived it into investing $96.1 million. Theranos is in the midst of a tender offer.
Theranos was fined $30,000 by CMS. Meanwhile, it will pay $4.65 million to Arizona residents for blood testing services that it performed between 2013 and 2016.
The Arizona AG seeks outside counsel to help it as it pursues a lawsuit against the company.
The embattled company is laying off 155 employees leaving it with 220.