BML Capital Calls for Liquidation and Cash Return at Elevation Oncology (ELEV)
Key Summary: On April 16, 2025, BML Capital Management sent a letter to the Board expressing its belief that an orderly winddown, liquidation, and capital return is in the best interest of the shareholders of the company
Market Cap: $19 million | Elevation Oncology, Inc., an oncology company, focuses on the discovery and development of cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs.
On April 16, 2025, BML Capital Management, a 9.9% shareholder of Elevation Oncology, sent a letter commending the company’s decision to halt EO-3021 development and preserve cash. Given market conditions and poor reverse merger outcomes, BML advocated for a full winddown and estimated a potential return of up to $0.60 per share. It warned it would oppose any reverse merger not accompanied by a significant cash distribution.
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