The Surgalign Holdings Inc (NASDAQ: SRGA) stock price rallied 96.18% after announcing that it had received a delisting notice from the Listing Qualifications Department of the Nasdaq Stock Market. The news was not a surprise due to recent events.
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The Nasdaq concluded that due to the Company's voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, the Company's securities will be delisted from The Nasdaq Stock Market.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The company filed for Chapter 11 bankruptcy protection on June 19, 2023, a few days before today’s delisting notice, yet investor interest in the company has soared despite confirming that they would not appeal the Nasdaq’s decision as they focus on the bankruptcy proceedings.
The Debtors have requested that the Chapter 11 proceedings be jointly administered under the caption In re Surgalign Holdings, Inc., et al. The Company’s foreign subsidiaries were not included in the Chapter 11 filing.
The Debtors will continue to operate their business as “debtors-in-possession” and pursue a structured sale of their assets under a competitive bidding process or other strategic arrangements involving their assets.
The Debtors are seeking approval of several “first-day” motions containing customary relief intended to assure the Debtors’ ability to continue their ordinary course operations.
On June 18, 2023, before the filing of the Chapter 11 Cases, the Company entered into an Asset Purchase Agreement with Xtant Medical Holdings, Inc., under which, subject to the terms and conditions outlined in the Asset Purchase Agreement, Xtant agreed to acquire certain assets of the company.
The assets are related to the Company’s business of designing, developing and manufacturing hardware medical technology and distributing biologics medical technology. Xtant also agreed to assume certain specified liabilities of the Company for a total purchase price of $5 million in cash.
Xtant will pay 10% of the Purchase Price into an escrow account following entry into the Asset Purchase Agreement, which may be returned to Xtant in the event of specified trigger events, including termination of the Asset Purchase Agreement.
*This is not investment advice.
Surgalign (SRGA) stock price.
The Surgalign (SRGA) stock price was trading up 96.18% at $0.3953 from Thursday’s closing price of $0.2015.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
