09:29 AM EDT, 07/10/2024 (MT Newswires) -- JanOne ( JAN ) said Wednesday that its board has approved a strategic review of its biotech assets and that the recently acquired blockchain fintech provider ALT5 Sigma will become its core focus.

The company said it will explore alternatives that may include a "partial or full spin-off, entry into one or more strategic alliances, or negotiation of a partial or full sale" of the biotech assets.

ALT5 Sigma will become the company's "core engine for revenue growth," JanOne ( JAN ) said.

As part of the realignment project, the company said it will change its name to ALT5 Sigma from JanOne ( JAN ) and its ticker will change to "ALTS" from "JAN."

"In the short few weeks since closing the ALT5 acquisition, we have seen a significant increase in the funnel of opportunities for ALT5, which made the decision to increase the focus on that business an easy one," said JanOne ( JAN ) Chief Executive Tony Isaac.

JanOne ( JAN ) shares were rising past 5% in recent premarket activity.

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