The tooth alignment outfit filed for voluntary protection under Chapter 11 of the US Bankruptcy Code on Friday, Yahoo Finance exclusively learned.
Up to $60 million of additional capital is available upon satisfaction of certain conditions, including the favorable conclusion of a marketing process for the company, which is expected to result in the disposition of the company’s equity.Dental assistant Jessica Buendia looks at a scanned image of a patient's teeth in SmileDirectClub's SmileShop located inside a CVS store Wednesday, April 24, 2019, in Downey, Calif.
The company was founded in 2014 by former metal braces wearers — and longtime pals — Alex Fenkell and Jordan Katzman. The company's longtime CEO is Katzman's father, investor David Katzman, who provided the seed money to launch SmileDirectClub., pricing its IPO at $23 a share for a market cap of $8.9 billion. In perhaps a foreshadowing event, the stock opened below its IPO price at $20.55. By the close of trading, shares had finished down close to 11%.
But despite the promising aligner technology and consumer products push, SmileDirectClub has dealt with a series of challenges that have made profits elusive.
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