EQRx Inc (NASDAQ: EQRXW) shares -- a pharmaceutical company committed to developing and delivering medicine for diseases including cancer and immune-inflammatory conditions -- plunged on Tuesday after the resignation of a member of its Board of Directors. As of 12:00 PM, ET EQRx shares dropped by 21.41%.
EQRx Inc officially traded on the Nasdaq Global Market on December 20, 2021, as a SPAC due to CM Life Sciences III's combination with Casdin Capital, LLC, Corvex Management LP, and EQRx, Inc. resulting in approximately $1.3 billion in cash proceeds.
The company’s Eli Casdin announced he would resign from his position on the Board of Directors of EQRx and its subsidiaries. This includes all committees and will take effect on November 23.
The company clears that the resignation of Mr. Casdin was not due to disagreements with EQRx on any matter that relates to the operations, policies, or practices of EQRX.
See the $EQRXW chart performance here.
EQRx Inc stock reportedly dropped after the announcement of Mr. Casdin’s resignation. The investor’s reactions happened despite detailing its programs and their potential benefit in the medical field.
Since investors can’t know for sure whether the company’s programs will indeed address prevalent diseases, it is more important to focus on EQRx’s business.
See full $EQRXW flow at: https://unusualwhales.com/stock/EQRXW/flow-overview
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