Why NewAge Shares Are Down Over 40% Wednesday


NewAge Inc NBEV shares are trading lower by 40.4% to $0.22 Wednesday morning after the company announced it filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code.

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NewAge says the company has determined that the Chapter 11 process is the most expeditious way to pursue a strategic transaction and protect and preserve value for all stakeholders.

NewAge says the Company, with the help of its advisors, has secured a commitment for a "debtor in possession" financing facility of $16.0 million, subject to court approval. NewAge says this capital, together with revenue generated from ongoing operations, will provide liquidity to support the Company through the sale process.

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According to data from Benzinga Pro, NewAge has a 52-week high of $1.80 and a 52-week low of $0.20.

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