Zynex Announces Strategic Initiatives: Engagement of Province, Appointment of Paul Aronzon to Board of Directors, and Formation of Special Committee

Rhea-AI Summary

Zynex (NASDAQ: ZYXI) announced engagement of Province, LLC to evaluate strategic alternatives, including potential capital raises, recapitalization and restructuring, and formed an independent Special Committee to oversee the process.

Paul Aronzon was appointed to the board and named Chair of the Special Committee; director Bret Wise will also serve. The committee will work with management, Province and counsel to assess options. The company cautioned no transaction has been identified and there is no assurance a transaction will occur.

Positive

• Engaged Province to evaluate strategic alternatives and capital options
• Appointed Paul Aronzon as board member and Special Committee chair
• Special Committee composed of independent directors to oversee process

Negative

• No strategic transaction identified; no assurance any transaction will occur
• Company flagged need to raise capital and liquidity concerns
• Noted risks including Tricare payment suspension and reimbursement dependence

ENGLEWOOD, Colo., Nov. 14, 2025 /PRNewswire/ -- Zynex, Inc. (NASDAQ: ZYXI), an innovative medical technology company specializing in the manufacture and sale of non-invasive medical devices for pain management and rehabilitation, today announced a series of strategic initiatives aimed at positioning Zynex for long-term success.

Zynex has engaged Province, LLC, an internationally recognized financial advisory firm, to assist on evaluating a range of strategic alternatives, including potential capital raising opportunities and recapitalization and restructuring strategies.

In addition, Zynex is pleased to announce the appointment of Paul Aronzon to its Board of Directors. Mr. Aronzon, age 70, has served as the managing member of PSA Consulting, LLC, a consulting firm, since 2019. Previously, Mr. Aronzon served as co-managing partner at the Los Angeles office of Milbank, Tweed, Hadley & McCloy LLP's ("Milbank"), an international law firm, and co-leader of Milbank's global financial restructuring group from 2008 to 2019, and executive vice president and managing director at Imperial Capital LLC, an investment banking firm, from 2006 to 2008. With more than 40 years of experience, he has worked as a leading consultant in corporate restructurings and reorganizations, with extensive experience in advising companies, boards of directors and advisory committees to boards of directors, independent directors, sponsors, debtors, creditors, debt acquirers, assets or companies and other parties in cases of reorganization and recapitalization operations.

To oversee the assessment of the above-referenced strategic alternatives, the Board has formed a Special Committee composed of independent directors and has appointed Mr. Aronzon to serve as Chair of the Special Committee. Current director Bret Wise will also serve on the Special Committee. This committee will work closely with management, Province and counsel to assess and implement the strategic alternatives, as appropriate.

"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 has not yet identified a strategic transaction and there can be no assurance any such transaction will result from the Special Committee's evaluation of strategic alternatives, or the timing, terms and conditions of any such transaction.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to strategies and objectives for future operations; potential outcomes of the evaluation of the strategic alternatives by the Special Committee; and other similar statements.

Words such as "anticipate," "believe," "continue," "could," "designed," "endeavor," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "seek," "should," "target," "preliminary," "will," "would" and similar expressions are intended to identify forward-looking statements. The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. The Company makes no express or implied representation or warranty as to the completeness of forward-looking statements or, in the case of projections, as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, our ability to identify and complete a transaction as a result of the strategic alternative process; our ability to raise capital or otherwise improve our liquidity position and continue as a going concern; the need to obtain CE marking of new products; the acceptance of new products as well as existing products by doctors and hospitals, larger competitors with greater financial resources; the need to keep pace with technological changes; our dependence on the reimbursement for our products from health insurance companies; the outcome of the Tricare payment suspension; our dependence on first party manufacturers to produce our products on time and to our specifications' implementation of our sales strategy including a strong direct sales force, market conditions; economic factors, such as interest rate fluctuations; and other risks described in our filings with the Securities and Exchange Commission.

These and other risks are described in our filings with the Securities and Exchange Commission including but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as well as our quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statements contained in this press release represent Zynex's views only as of today and should not be relied upon as representing its views as of any subsequent date. Zynex explicitly disclaims any obligation to update any forward-looking statements, except to the extent required by law.

About Zynex, Inc.

Zynex, founded in 1996, develops, manufactures, markets, and sells medical devices used for pain management and rehabilitation. For additional information, please visit: www.zynex.com.

Investor Relations Contact:
Vikram Bajaj, CFO
ir@zynex.com

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SOURCE Zynex, Inc.

FAQ

What strategic actions did Zynex (ZYXI) announce on November 14, 2025?

Zynex engaged Province to evaluate strategic alternatives and formed an independent Special Committee.

Who is Paul Aronzon and what role will he play at Zynex (ZYXI)?

Paul Aronzon was appointed to Zynex's board and named Chair of the Special Committee.

Will Zynex (ZYXI) definitely complete a transaction after the Special Committee review?

No; the company stated it has not identified a transaction and cannot assure any will occur.

What potential financial steps is Zynex (ZYXI) evaluating with Province?

The firm is evaluating capital raising, recapitalization and restructuring alternatives.

Which directors will serve on Zynex's Special Committee for strategic alternatives?

Paul Aronzon will chair the Special Committee and director Bret Wise will also serve.

What shareholder risks did Zynex (ZYXI) highlight in the announcement?

Zynex cited liquidity and capital-raising risks, reimbursement dependence, and a Tricare payment suspension risk.