Sunworks shares slump after bankruptcy filing

Sunworks

06/02/2024 13:33

** Shares of power and storage systems provider Sunworks
 SUNW.O  drop 53.2% to $0.10 premarket
    ** Stock set to hit record low at open if losses continue
    ** SUNW says it filed voluntary petitions for relief under
Chapter 7 of the U.S. bankruptcy code after considering all
strategic alternatives
    ** The authority and powers of the Board of Directors and
executives of co will be eliminated, assets to be liquidated and
claims paid per the bankruptcy code- SUNW
    ** SUNW saw a number of top executive exits over the past
few months, including that of its CEO Mark Trout earlier in Feb
        ** Shares have fallen nearly 11% YTD up to the last
close, after an 85% slump in 2023
  

 (Reporting by Amruta Khandekar in Bengaluru)