Molekule Group shares are trading lower after the company announced in an 8K filing that the board authorized the management to commence preparation of voluntary petition under Chapter 11 of the U.S. Bankruptcy Code.
Portfolio Pulse from Benzinga Newsdesk
Molekule Group has announced that its board has authorized the management to commence preparation of a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. This has led to a decrease in the company's share price.
September 20, 2023 | 4:03 pm
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Molekule Group's shares are trading lower after the company announced plans to prepare for Chapter 11 bankruptcy.
The announcement of a potential bankruptcy filing is a significant negative event for a company. It indicates financial distress and uncertainty about the company's future, which is likely to cause a decrease in the company's share price in the short term.
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