Novan shares are trading lower after the company announced it entered into an agreement to sell substantially all of its assets and filed for Chapter 11 protection.
Portfolio Pulse from Benzinga Newsdesk
Novan has announced that it is selling substantially all of its assets and has filed for Chapter 11 bankruptcy protection. This has led to a decrease in the company's share price.
July 17, 2023 | 3:34 pm
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Novan's decision to sell its assets and file for Chapter 11 bankruptcy protection has negatively impacted its share price.
Novan's decision to sell its assets and file for bankruptcy protection indicates financial distress, which is likely to negatively impact investor confidence and lead to a decrease in the company's share price.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100