Shares of Edgio, Inc. (EGIO) plummeted 77% on Monday following the company’s bankruptcy filing.The company has voluntarily filed for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware. This move is aimed at effectuating one or more sale transactions to ensure the continued operation of Edgio’s business under new ownership.Edgio’s primary lender, Lynrock Lake Master Fund LP, supports this process to facilitate a smooth and efficient Chapter 11 case resolution.To initiate the sale process, Edgio has entered into a stalking horse asset purchase agreement with Lynrock. Lynrock has agreed to acquire the company’s assets through a credit bid amounting to $110 million in existing secured debt.Before commencing the Chapter 11 case, Edgio engaged in discussions with several interested parties regarding a potential sale of its businesses and assets.In light of this interest, the company plans to use a court-supervised sale process to seek the highest or otherwise best bid for its assets, including its valuable individual business product offerings.As of now, EGIO is trading at $1.3677, down $4.8023 or 77.85%, on the Nasdaq.The material has been provided by InstaForex Company – www.instaforex.com
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