Why ViewRay Stock Hit A New 52-Week Low Today
Portfolio Pulse from Henry Khederian
ViewRay Inc's shares fell by 13% to a new 52-week low after the company filed voluntary Chapter 11 petitions. The company plans to sell its business and assets, and has secured $6 million in debtor-in-possession financing. Resignations from the Board of Directors were announced, and a new CEO and Senior Vice President have been appointed.
July 18, 2023 | 6:11 pm
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ViewRay's stock price has hit a new 52-week low following the company's filing for Chapter 11 bankruptcy. The company plans to sell its assets and has secured $6 million in financing.
The company's filing for Chapter 11 bankruptcy and the subsequent fall in stock price is a clear indication of financial distress. The company's plan to sell its assets and the secured financing may not be enough to offset the negative impact of the bankruptcy filing on the stock price in the short term.
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