Tattooed Chef to file for Chapter 11 bankruptcy, shares tumble

Tattooed Chef

03/07/2023 15:36

(Updates)
    ** Shares of plant-based food company Tattooed Chef  TTCF.O 
slump as much as 48.2% to a record low of 28 cents
    ** Co says it intends to file for protection under Chapter
11 of the U.S. Bankruptcy Code
    ** Expects to continue operations during Chapter 11 process
    ** Intends to pursue sale of "substantially" all of its
assets and solicit competing bids from interested parties
    ** "Business has continued to be impacted by a challenging
financing environment and an inability to raise additional
capital," says CEO Sam Galletti
    ** In May, TTCF reported a smaller Q1 net loss and said it
expected to reach breakeven adj EBITDA and become cashflow
neutral in Q3 2024
    ** Fellow plant-based food cos, including Beyond Meat
 BYND.O , have seen a slowdown in demand for their pricier meats
amid soaring input costs
    ** Up to Friday's close, stock had fallen ~56% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))