Why Tattooed Chef (TTCF) Shares Are Down 40%
Portfolio Pulse from Henry Khederian
Tattooed Chef Inc (NASDAQ:TTCF) shares have dropped by 44.34% after the company announced its intention to file for voluntary Chapter 11 Bankruptcy protection. The company will continue operations during Chapter 11, funded by debtor-in-possession financing. It will market its assets and solicit bids under Section 363 of the Bankruptcy Code.
July 03, 2023 | 1:26 pm
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NEGATIVE IMPACT
Tattooed Chef's stock price has dropped significantly following the announcement of its intention to file for Chapter 11 Bankruptcy protection. This indicates a negative short-term impact on the company's stock.
The announcement of a company filing for bankruptcy typically leads to a decrease in its stock price as it indicates financial distress. This is reflected in the 44.34% drop in Tattooed Chef's stock price.
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