Why Troika Media Group Shares Are Getting Hammered

Troika Media Group Inc 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.

See Also: Why Red Cat Holdings Shares Are Falling Sharply

According to data from Benzinga Pro, TRKA has a 52-week high of $24.75 and a 52-week low of $0.38.