SmileDirectClub hits record low after filing for bankruptcy

SmileDirectClub

02/10/2023 14:53

(Updates)
     ** Shares of SmileDirectClub  SDC.O  drop ~63% to hit a
record low of 15 cents
    ** The dental products maker late on Friday said it had
voluntarily filed for Chapter 11 bankruptcy protection
    ** SDC is seeking more capital through a transaction where
its founders have committed to invest at least $20 mln to
bolster the company's balance sheet
    ** The bankruptcy filing was intended to effectuate the
transaction, says co
    ** SDC shares have shed 98% since their all-time high hit on
the day of its market debut in September 2019, with high
inflation crimping demand for its products in recent years
    ** Stock is up 17.8% this year up to the last close,
steadying from declines of 85% in 2022

 (Reporting by Amruta Khandekar and Bhanvi Satija in Bengaluru)