Surgalign Files For Bankruptcy, Agrees To Sell Global Hardware & Biologics Business
Portfolio Pulse from Vandana Singh
Surgalign Holdings has filed for bankruptcy and agreed to sell its US hardware and biomaterials assets, as well as equity interests in non-Debtor entities related to its hardware business outside the US, to Xtant Medical Holdings for $5 million. The sale will be conducted through Chapter 11 proceedings, with Xtant designated as the stalking horse bidder.
June 20, 2023 | 3:20 pm
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NEGATIVE IMPACT
Surgalign files for bankruptcy and agrees to sell its hardware and biomaterials assets to Xtant Medical Holdings for $5 million.
Surgalign's bankruptcy filing and asset sale will have a negative short-term impact on its stock price. The company's shares are already down 76.20% at $0.29. The sale of assets and ongoing bankruptcy proceedings will likely continue to put downward pressure on the stock.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Xtant Medical Holdings will acquire Surgalign's hardware and biomaterials assets for $5 million through Chapter 11 proceedings.
Xtant Medical's acquisition of Surgalign's assets will likely have a positive short-term impact on its stock price. The acquisition will expand Xtant's product portfolio and potentially increase its market share in the medtech industry. However, the impact may be somewhat limited due to the acquisition being conducted through bankruptcy proceedings.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100