10:22 AM EDT, 04/12/2024 (MT Newswires) -- Nutex Health ( NUTX ) said Friday it has decided to place a moratorium on the opening of new hospitals this year and was considering the closure or sale of more underperforming facilities in the near future.

Nutex's management is proceeding with a plan to "significantly reduce costs, reach positive net income and improve cash flow," the company said.

The company said it had cash and cash equivalents of about $25 million as of Thursday.

Nutex "believes that it has a strong balance sheet, expects to continue to improve cash flow and believes it is in a position to continue to achieve positive Adjusted EBIDTA."

Nutex also said it's considering options to address the deficiency in its Nasdaq minimum bid price and plans to regain compliance with the stock exchange's requirements.

The company's shares were rising 1.8% in recent trading.

Price: 0.77, Change: +0.01, Percent Change: +1.83