SFT - Shift Technologies stock slips on missed interest payment

2023-05-16 07:21:23 ET

Shift Technologies ( NASDAQ: SFT ) shares drove lower in premarket trading on Tuesday after filing for a delay to its expected 10-Q filing and disclosing a missed interest payment.

A regulatory filing explained that the company “elected not to make the interest payment on its 4.75% Convertible Senior Notes due 2026 in the amount of $3,562,500” and has sought to utilize a 30-day grace period. The filing adds that advisors have been engaged to “explore restructuring options” with debtholders. That said, “no agreement has been reached regarding such restructuring” has been reached at this time.

Additionally, the company filed a Form 12b-25 on Tuesday, stating an inability to file a 10-Q in a timely fashion. The company expects to issue its quarterly filing by May 21.

Shares of Shift Technologies ( SFT ) tumbled 3.29% in premarket action, projecting for another down day to add to an over 80% decline in the past year .

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