Why Edgio (EGIO) Stock Is Down 80% Today
Portfolio Pulse from Henry Khederian
Edgio Inc (NASDAQ:EGIO) shares plummeted 80% after the company filed for Chapter 11 bankruptcy to facilitate a business sale. Supported by Lynrock Lake Master Fund LP, Edgio entered a $110 million credit bid and secured $15.6 million in financing to maintain operations.
September 09, 2024 | 7:40 pm
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Edgio Inc's stock dropped 80% following its Chapter 11 bankruptcy filing to facilitate a business sale. The company secured a $110 million credit bid and $15.6 million in financing to continue operations.
The filing for Chapter 11 bankruptcy is a significant negative event, leading to an 80% drop in stock price. The company's efforts to secure financing and continue operations may not immediately reassure investors, resulting in a negative short-term impact.
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