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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Government shutdown looms, Nike earnings on tap: Yahoo Finance LiveRepublican Senator Rick Scott of Florida will discuss the state of play in Washington at 4:00 p.m. ET. On the earnings front, Nike (NKE) will be in focus when it releases its fiscal first quarter results after the market close. Trending tickers include Chicos (CHS), Workday (WDAY), and Jabil (JBL).Top guests on Yahoo Finance Live today include:3:05 p.m. ET - Tiffany Wilding, PIMCO Managing Director and Economist3:50 p.m. ET - Naveen Jaggi, JLL President of Retail4:05 p.m. ET - Sen. Rick Scott, R-Florida4:20 p.m. ET - David Swartz, Morningstar Equity Analyst4:30 p.m. ET - Mark Penn, Stagwell Chairman and CEO
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Congress running out of time to avert a shutdown, UAW expands strike: Yahoo Finance LiveInvestors are bracing for a shutdown as Congress attempts to reach a deal with just a little over a day remaining. Meanwhile, the UAW is expanding its strikes against Ford (F) and General Motors (GM). Stellantis (STLA) was spared due to progress being made in negotiations. Shares of Carnival (CCL) are falling despite reporting record revenue. Carnival CEO Josh Weinstein will discuss the results at 3:35 p.m. ET. Other trending tickers include Walgreens Boots Alliance (WBA), Blue Apron (APRN), and Duolingo (DUOL).Top guests on Yahoo Finance Live today include:3:05 p.m. ET - Callie Cox, eToro USA Investment Analyst3:35 p.m. ET - Josh Weinstein, Carnival Corporation CEO, President, & Chief Climate Officer3:50 p.m. ET - Eric Hansotia, Agco Corporation CE)4:00 p.m. ET - Steve Rattner, Willett Advisors Chairman and CEO, Fmr. Head Of Obama Auto Task Force4:15 p.m. ET - Zeke Faux, 'Number Go Up' author, Bloomberg Reporter
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Carnival stock ticks up on Q3 earnings beat, profit forecastCruise operator Carnival Corp. (CCL) shares set sail this morning, rising after Friday's opening bell on the cruise line's third-quarter earnings. Carnival reported all-time-high third-quarter revenues of $6.9 billion. Yahoo Finance Live breaks down the travel demand driving profit forecasts and investor optimism directed at the stock Yahoo Finance Executive Editor Brian Sozzi will be interviewing Carnival Corporation President, CEO, and Chief Climate Officer Josh Weinstein later today at 3:00 P.M. ET. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »