Tattooed Chef Inc (NASDAQ:TTCF) shares are trading lower by 44.34% to $0.30 Monday morning after the company announced it intends to file for voluntary Chapter 11 Bankruptcy protection.
What Else?
The company will market its assets and solicit bids under Section 363 of the Bankruptcy Code. They seek the highest price and will manage the bidding process with their advisors and the Bankruptcy Court’s oversight.
Operations will continue during Chapter 11, funded by debtor-in-possession financing. The company aims for an efficient sale to provide clarity for stakeholders.
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According to data from Benzinga Pro, TTCF has a 52-week high of $8.42 and a 52-week low of $0.50.
