Zynex Inc (NASDAQ:ZYXI) said on Friday it has hired financial advisory firm Province LLC and formed a special board committee to evaluate a range of strategic alternatives.
The company said Province will assist in reviewing options that include potential capital-raising, recapitalization and restructuring strategies.
Zynex also appointed Paul Aronzon, a veteran restructuring specialist and former co-managing partner of Milbank’s Los Angeles office, to its board of directors. Aronzon, 70, will chair the newly formed special committee, which also includes director Bret Wise.
With more than four decades of experience in corporate reorganizations, Aronzon has advised companies, boards, debtors and creditors on recapitalizations and restructurings. He has served as managing member of PSA Consulting LLC since 2019.
“We are taking decisive steps to ensure Zynex is well-positioned going forward,” CEO Steven Dyson said in a statement. “The engagement of Province and the formation of the Special Committee reflect our commitment to exploring all avenues to create a new future for Zynex.”
Zynex said it has not identified any specific strategic transaction and cautioned there is no assurance the review will result in one.