Histogen Inc. (NasdaqCM:HSTO) on September 18, 2023 announced that its board of directors, after extensive consideration of potential strategic alternatives, has approved and adopted a Plan of Dissolution (?Plan of Dissolution?) that would include the distribution of remaining cash to stockholders following an orderly wind down of the company?s operations, including any proceeds from the potential sale of any pipeline assets. In order to reduce costs and in connection with the Plan of Dissolution, the company has discontinued all clinical development programs and reduced its workforce, including the anticipated termination of most employees by the end of September. ?The Board of Directors and management devoted substantial time and effort in identifying and pursuing various opportunities, but we were unable to complete a transaction that would allow us the potential to enhance stockholder value,?

stated Steven J. Mento, Ph.D., President and Chief Executive Officer of Histogen. Evaluation of strategic options: As previously reported, Histogen commenced a process to explore strategic alternatives by engaging Roth Capital Partners, LLC, to act as a strategic advisor in the process. To date, no viable strategic alternatives are available to the company.

However, the company continues to explore certain strategic options that may be available for the potential sale of any of its pipeline assets. In the event that the company is successful in selling any assets of the company, the proceeds from any such sale would be distributed to stockholders in accordance with the Plan of Dissolution. The amount that would actually be available for distribution to stockholders, if any, is dependent on a number of factors.

Board approval of plan of dissolution: On September 18, 2023, Histogen?s board of directors approved the liquidation and dissolution of the company pursuant to the Plan of Dissolution, subject to stockholder approval. The company intends to call a special meeting of its stockholders in the fourth quarter of 2023 to seek approval of the Plan of Dissolution and will file proxy materials with the Securities and Exchange Commission (?SEC?) as soon as practicable.