NanoString Takes Steps To Restructure Business, Initiates Voluntary Chapter 11 Proceedings, Secures $40M Financing
Portfolio Pulse from Benzinga Newsdesk
NanoString Technologies, Inc. has initiated voluntary Chapter 11 bankruptcy proceedings and secured an additional $40 million in financing from existing noteholders to support its restructuring process. The company aims to continue serving life sciences researchers globally during this period.
February 05, 2024 | 5:55 am
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NanoString Technologies, Inc. has entered Chapter 11 bankruptcy proceedings and secured $40 million in financing for restructuring, aiming to continue its operations.
Entering Chapter 11 bankruptcy typically has a negative impact on a company's stock price due to the uncertainty it creates about the company's future viability. However, securing $40 million in financing indicates a plan for recovery and continuation of operations, which might mitigate some negative perceptions. The importance is high as this restructuring directly affects the company's operational and financial stability.
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