Edgio (EGIO) Stock Is Down 34% Today: What's Going On?
Portfolio Pulse from Henry Khederian
Edgio Inc (NASDAQ:EGIO) has filed for Chapter 11 bankruptcy, causing its stock to plummet by 34% to $0.80. The company plans to sell its business while continuing operations, supported by a $110 million credit bid from Lynrock Lake Master Fund LP and $15.6 million in DIP financing.
September 10, 2024 | 5:48 pm
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Edgio Inc's stock dropped 34% following its Chapter 11 bankruptcy filing. The company aims to sell its business while continuing operations, supported by a $110 million credit bid and $15.6 million in DIP financing.
The Chapter 11 bankruptcy filing and subsequent plans to sell the business have caused significant uncertainty, leading to a sharp decline in stock price. The credit bid and DIP financing provide some stability, but the overall impact is negative.
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