EFFECTOR Therapeutics Inc ( EFTR ) shares are trading lower by 75% to $0.28 during Monday’s session after the company announced that it has terminated its employees and will wind down its operations. Also, the company announced it plans to voluntarily request a delisting of its securities on the Nasdaq.

This decision follows a special board meeting and the company expects delisting soon. Craig R. Jalbert, who the company says is experienced in managing distressed businesses, has been appointed as the new CEO, President, Treasurer, Secretary and sole board member to oversee the wind-down process.

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According to data from Benzinga Pro, EFTR has a 52-week high of $22.50 and a 52-week low of $0.27.