NEW YORK (360Dx) — Akers Biosciences announced on Wednesday that its board has begun reviewing strategic options for the company — including possible business combinations — in a bid to boost shareholder value.
According to Akers, it will continue its current business activities during the review, and it will not provide updates on the process until it is completed or "further disclosure is deemed appropriate."
The move by Akers board comes at a tumultuous time for the Thorofare, New Jersey-based rapid screening and testing products provider, which also announced a 1-for-8 reverse stock split to address its previously disclosed failure to meet the exchange's $1 minimum bid requirement.
In June, Akers disclosed the resignation of its Cofounder and Executive Chairman Raymond Akers, citing "his significant differences with other members of the board regarding management of the company, its accounting and business practices, and its counsel."
And last month, after settling a longstanding breach of contract lawsuit with Pulse Health, Akers announced the resignation of its nominated adviser on the London Stock Exchange's AIM market; the resignation of CEO and board member John Gormally; and its refocusing onto its Particle Immuno-Filtration Assay immunoassay platform for target antigen or antibody detection.
During early Thursday morning trading on the Nasdaq, Akers shares were down 19 percent to $2.0366.