Zynex engages advisor to explore strategic alternatives

Zynex Inc. (NASDAQ: ZYXI) announced November 14 that it has engaged Province LLC, a financial advisory firm, to evaluate strategic alternatives including potential capital raising opportunities and recapitalization strategies.

The medical technology company, which manufactures non-invasive devices for pain management and rehabilitation, also appointed Paul Aronzon to its board of directors. Aronzon, 70, has served as managing member of PSA Consulting LLC since 2019. He previously worked as co-managing partner at Milbank, Tweed, Hadley & McCloy LLP's Los Angeles office and co-leader of the firm's global financial restructuring group from 2008 to 2019.

The board formed a special committee of independent directors to oversee the assessment of strategic alternatives, with Aronzon serving as chair. Current director Bret Wise will also serve on the committee, which will work with management, Province and counsel to evaluate and implement strategic alternatives.

"We are taking decisive steps to ensure Zynex is well-positioned going forward," said Steven Dyson, chief executive officer. "The engagement of Province and the formation of the Special Committee reflect our commitment to exploring all avenues to create a new future for Zynex."

The company stated it has not identified a strategic transaction and provided no assurance that any transaction will result from the special committee's evaluation or specified timing or terms for potential deals.

Founded in 1996, Zynex develops, manufactures and sells medical devices for pain management and rehabilitation.

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