SRTX Inc.(“SRTX” or the “Company”), the Canadian materials innovator behindSheertex®, today announced the launch of astrategic reviewaimed at identifying the best path forward for the Company and its stakeholders.
The process will explore a range of options to strengthen the business and support its long-term potential, including a possible sale, recapitalization, or reorganization.
As part of this review,SRTX will temporarily reduce the size of its workforceto align with current operational needs. The Company remains hopeful that affected employees will be recalled following the completion of the review.
In conjunction with this announcement, Sophie Boulanger has stepped down as Chief Executive Officer. The Board thanks Ms. Boulanger for her leadership and contributions during this important chapter and has begun the process of identifying a new CEO.
The Company has retainedPricewaterhouseCoopers Corporate Financeas financial advisor to assist with the review.
About SRTXSRTX, a CertifiedB Corporation (B Corp), is best known for its first technology, the patent-pendingSheertex® Rip-Resist knit, made from one of the world's strongest polymers, which has revolutionized hosiery through impossibly strong tights. SRTX's mission is to advance the durability and sustainability of apparel products by building new materials and software that enable better, more sustainable textiles. Visit https://www.srtxlabs.com.
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SOURCE SRTX Inc.
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