Why Sunworks (SUNW) Stock Is Getting Hammered

Sunworks Inc SUNW shares are trading lower by 52.6% to $0.10 Tuesday morning after the company and three subsidiaries made the decision to cease operations and filed for Chapter 7 bankruptcy in the United States Bankruptcy Court for the District of Delaware.

This means that a Chapter 7 trustee will take over control of the company’s assets and liabilities, leading to the liquidation of assets and payment of claims as per the Bankruptcy Code.

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Mark Trout, the Chief Executive Officer, resigned on the same day, and all directors, including Mark Trout, Patrick McCullough, Rhone Resch and Stanley Speer, also resigned from the company’s board.

As of February 5, the company says it has no officers, consultants, employees or members of the board of directors.

According to data from Benzinga Pro, SUNW has a 52-week high of $2.24 and a 52-week low of $0.06.