Troika Media Group Inc (NASDAQ:TRKA) shares are trading lower by 67.6% to $0.38 after the company announced it is being acquired by Blue Torch Finance LLC through Chapter 11 bankruptcy proceedings in the Southern District of New York.
The acquisition involves a stalking horse credit bid and a court-supervised auction for competing bids. Troika’s secured lenders support this with $11 million in financing. The company aims for a swift sale process, intending to continue operations and emerge as a private entity with stable leadership.
They’ve filed motions to maintain employee payments and vendor services, expecting minimal disruption to stakeholders.
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According to data from Benzinga Pro, TRKA has a 52-week high of $24.75 and a 52-week low of $0.38.
