Galecto Seeks Strategic Options; Palantir Lands $250M Army Contract
- September 26th, 2023
- 301 views
Shares of Galecto, Inc. (Nasdaq: GLTO) surged by more than 30% in after-hous trading following the company's announcement of a comprehensive review of its business operations.
Galecto aims to explore strategic alternatives focused on maximizing shareholder value. These alternatives may encompass acquisition, merger, divestiture of assets, or other transactions, although no specific outcome is guaranteed.
As part of this process, Galecto plans to implement a restructuring plan, which includes a reduction of approximately 70% of its existing workforce, affecting around 29 employees.
$GLTO was trading at $0.78 in the extended session, reflecting an increase of $0.21 (+36.80%)
In other news, Palantir USG Inc., a subsidiary of Palantir Technologies Inc. (NYSE: PLTR), was awarded a significant $250 million firm-fixed-price contract by the Army Contracting Command for research and development services in the field of artificial intelligence and machine learning.
$PLTR was trading at $13.98 in after-hours, up $0.02 (+0.14%).
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