Cue Health filed for Chapter 7 bankruptcy and is winding down operations, according to an Investing.com report.
Cue's board of directors decided to file for bankruptcy after failing to improve operational efficiency and its capital structure. In March, the healthcare technology company's CEO stepped down and co-founder Clint Sever was promoted to the top role. The board also engaged two strategic advisors to consult on its business strategy and industry.
The company underwent a comprehensive review and at the time hoped to strengthen its position. However, the team decided bankruptcy was the best path forward. The company announced plans to release first quarter financials May 13, but never published the report.
Earlier this month,Cue Health received an FDA warning letter about its emergency use authorization for a COVID-19 test.