Impel Pharma falls on flagging going concern doubts

IPI Legacy Liquidation Co

16/08/2023 12:11

** Shares of drugmaker Impel Pharmaceuticals  IMPL.O  slump
~32% to 74 cents before the bell 
    ** Co flags doubts about its ability to continue as a going
concern in a regulatory filing, late on Tuesday 
    **  IMPL plans to explore strategic alternatives including a
potential sale or Chapter 11 bankruptcy if ongoing negotiations
with financer Oaktree fail 
    ** Adds, breached terms of a financing agreement with
Oaktree to maintain a minimum of $12.5 mln in unrestricted cash,
equivalents 
    ** Co will not be able to meet deadline to submit 10-Q
report for quarter ended June 30 to U.S. Securities and Exchange
Commission 
    ** As of last close, IMPL down ~71% this year

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))