Echo lake criticizes quince therapeutics board for enriching themselves while destroying significant shareholder value
- criticizes board's abysmal track record, excessive compensation, and limited stock ownership - calls on board to abandon any potential acquisitions and instead to liquidate/sell the company - notes stock dropped 75% after company's last acquisition (a related party transaction) - stock trades at approximately 60% of its net cash - closing company would be easy and inexpensive - stock trades below rejected buyout offer of $1.60 per share - stock is heavily shorted despite trading significantly below cash (32 days to cover) - cautions board not to repeat mistake it made last year of not selling/liquidating the company new york, ny / accesswire / june 6, 2023 / earlier today echo lake capital issued a letter to the board of directors of quince therapeutics, inc. (nasdaq:qncx). the letter criticized the board's poor investment decisions, excessive compensation, and lack of stock ownership during a time that significant shareholder value was destroyed.
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