Why Cue Health Shares Are Getting Hammered
Portfolio Pulse from Henry Khederian
Cue Health Inc (NASDAQ:HLTH) shares plummeted by 24.9% to $0.07 after the company filed for Chapter 7 bankruptcy to wind down its business. The company also terminated its Loan and Security Agreement, which included a $100 million secured revolving credit facility and a $20 million letter of credit subfacility.
May 29, 2024 | 7:36 pm
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Cue Health Inc shares dropped 24.9% to $0.07 after the company filed for Chapter 7 bankruptcy and terminated its Loan and Security Agreement.
The filing for Chapter 7 bankruptcy indicates that Cue Health is winding down its business, which will likely lead to liquidation of assets and payment of claims. This is a significant negative event for the company's stock price.
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