Shares of Akoya Biosciences AKYA, -2.46% on Wednesday dropped 10% to $ 5.00 in after-hours trading after the company said it fired its chief medical officer and chief people officer as part of a cost-cutting plan.
The spatial biology company said Chief Medical Officer Ehab El-Gabry, who took over the role in April 2022, and Marilee Moy, who was named the group’s chief people officer in January of last year, are both entitled to receive severance payments, according to a Securities and Exchange Commission filing.
In a separate filing, the company said it is offering shares of its common stock.
Akoya Biosciences didn’t, however, disclose the number of shares it is offering or the price of each share. But it noted that entities affiliated with its two largest shareholders, Telegraph Hill Partners and PSC Capital Partners, as well as some of its directors and executive officers intend to buy shares.