SRGA - Surgalign receives Nasdaq letter on delisting in wake of bankruptcy filing

2023-06-23 08:48:55 ET

• Surgalign Holdings ( NASDAQ: SRGA ) said on Friday that it has received a Nasdaq letter on delisting of securities in the wake of the medical technology company's bankruptcy filing.
• The delisting comes as a result of the company's voluntary petition for relief under chapter 11 of the U.S. Bankruptcy Code.
• The trading of shares will be suspended on July 3 at the opening of business.
• Surgalign said it does not intend to appeal the stock exchange's determination.
• The company had entered into an asset purchase agreement to sell its global hardware and biomaterials assets, and intends to pursue an auction and sale process under section 363 of the U.S. Bankruptcy Code for its Digital Health business.
• The company said it has a stalking horse bidder in place for its hardware and biomaterials assets.
• SRGA shares were trading +78.06% pre-market.
• Source: Press Release

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