Streetbeat News

Bankruptcy

ACOR

Acorda Therapeutics Inc (NASDAQ:ACOR) shares plummeted nearly 90% after announcing Chapter 11 bankruptcy proceedings and an asset purchase agreement with Merz Therapeutics for $185 million. The agreement includes the sale of key drugs like INBRIJA, AMPYRA, and FAMPYRA. Despite the bankruptcy filing, Acorda plans to continue operations and aims to ensure uninterrupted medication supply to patients. The company had previously canceled its Q4 and year-end 2023 earnings call but will still file its Annual Report for 2023.

Portfolio Pulse from Henry Khederian

April 02, 2024 | 4:41 pm

ACOR

GRTS

LIFW

VERV

VTSI

VVPR

U.S. stocks traded lower with the Nasdaq Composite down over 1%. Energy shares rose by 0.6% while health care shares fell by 1.7%. U.S. factory orders increased by 1.4% in February. VivoPower International PLC surged 266% after announcing a merger with Cactus Acquisition Corp. 1 Limited. VirTra, Inc. rose 41% on strong Q4 results. MSP Recovery, Inc. gained 28% after Palantir Technologies reported a 6.5% stake. Acorda Therapeutics, Inc. dropped 76% due to Chapter 11 proceedings. Gritstone bio, Inc. and Verve Therapeutics, Inc. also saw significant declines.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 4:06 pm

ACOR

GOEV

PAYX

VVPR

U.S. stocks traded lower with the Dow Jones falling over 400 points. Paychex, Inc. reported mixed Q3 results, missing sales expectations. VivoPower International, XTI Aerospace, and Kidpik Corp saw significant stock increases due to merger agreements and acquisitions. Conversely, Acorda Therapeutics, Gritstone bio, and Canoo Inc experienced substantial drops, with Acorda filing for Chapter 11 bankruptcy and Canoo issuing weak revenue guidance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:58 pm

ACOR

AINC

PIK

Ashford Inc. announced a reverse stock split and delisting strategy, causing its shares to trade higher. Kidpik entered a merger agreement with Nina Footwear, leading to an increase in its share price. Acorda Therapeutics commenced voluntary proceedings under Chapter 11, resulting in a decrease in its share price.

Portfolio Pulse from ryanfaloona@benzinga.com

April 02, 2024 | 12:34 pm

ACOR

Acorda Therapeutics has initiated voluntary proceedings under Chapter 11 of the United States Bankruptcy Code as of April 1st, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:30 pm

ACOR

Acorda Therapeutics initiated voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on April 1. This move is part of a restructuring effort to address financial challenges and potentially facilitate a sale of the company or its assets.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:30 pm

EGOX

Next.e.GO, an electric vehicle manufacturer, has filed for insolvency proceedings. This move could impact its financial stability and future operations.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:19 pm

EIGR

Eiger BioPharmaceuticals Inc (NASDAQ:EIGR) filed for Chapter 11 bankruptcy and announced a 'stalking horse' agreement to sell Zokinvy to Sentynl Therapeutics for up to $26.0 million. The sale is subject to court approval and potential competing bids. Eiger aims to sell most of its assets and wind down operations. Previously, Eiger and AnGes Inc. received marketing approval for Zokinvy for progeria. EIGR shares dropped 73.2% to $1.34.

Portfolio Pulse from Vandana Singh

April 01, 2024 | 5:43 pm

EIGR

Eiger BioPharmaceuticals has filed for voluntary Chapter 11 protection, leading to a decrease in its share prices.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 3:22 pm

EIGR

Eiger BioPharmaceuticals, Inc. (NASDAQ:EIGR) has filed for Chapter 11 bankruptcy protection and announced a 'stalking horse' agreement to sell Zokinvy to Sentynl Therapeutics for up to $26M. The sale is subject to court approval and other potential bids. Eiger aims to sell most of its assets and wind down operations smoothly, ensuring uninterrupted access to Zokinvy for patients.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 3:16 pm