NanoString plunges after filing for Chapter 11 bankruptcy

10x Genomics

05/02/2024 10:28

** Shares of lab equipment maker NanoString Technologies
 NSTG.O  fall 42.1% to 27 cents premarket
    ** NSTG late on Sunday said co and certain of its
subsidiaries have voluntarily initiated a Chapter 11
restructuring proceeding in the United States Bankruptcy Court
for the District of Delaware
    ** The negative outcome from its patent litigation trial
with 10x Genomics  TXG.O  and the unusually large magnitude of
the damages awarded by the jury have forced NSTG to take the
steps- CEO Brad Gray
    ** Adds additional $40 million in financing secured from
existing noteholders to facilitate the process
    ** Co is also exploring strategic alternatives, including
the potential sale of the company or product lines
    ** Up to last close, stock has fallen ~96% in the last 12
months

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))