Surgalign Enters Into Definitive Agreement To Sell Global Hardware And Biologics Business Through A Structured Sale Process Under Chapter 11 Of The U.S. Bankruptcy Code For $5M
Portfolio Pulse from Happy Mohamed
Surgalign Holdings (NASDAQ:SRGA) has entered into an asset purchase agreement to sell its U.S. hardware and biomaterials assets and related non-Debtor entities to Xtant Medical Holdings for $5 million. The sale will be conducted through chapter 11 bankruptcy proceedings.
June 20, 2023 | 12:39 pm
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Surgalign Holdings is selling its U.S. hardware and biomaterials assets to Xtant Medical Holdings for $5 million through chapter 11 bankruptcy proceedings.
The sale of Surgalign's assets through chapter 11 bankruptcy proceedings indicates financial distress for the company. This is likely to negatively impact the stock price in the short term as investors may perceive the company as struggling and potentially facing further financial challenges.
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