Why SmileDirectClub Stock Is Tanking Monday
Portfolio Pulse from Adam Eckert
SmileDirectClub Inc (NASDAQ:SDC) has filed for Chapter 11 bankruptcy, causing its shares to trade lower. The company plans to continue operations during the bankruptcy process, with its founders committing to invest at least $20 million. Additional capital of up to $60 million is available upon meeting certain conditions. The company's shares were down 54.4% at 19 cents at the time of the news publication.
October 02, 2023 | 12:45 pm
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SmileDirectClub's filing for Chapter 11 bankruptcy has led to a significant drop in its share price. The company's founders have committed to invest at least $20 million, which may provide some financial stability during the bankruptcy process.
The news of SmileDirectClub's bankruptcy filing has directly impacted its share price, causing it to drop significantly. The commitment from the company's founders to invest at least $20 million provides some assurance of financial stability, but the overall situation is likely to continue affecting the share price negatively in the short term.
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