MMV - Very Good Food (VGFC) Stock Soars 8% Despite Loan Default
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Very Good Food (NASDAQ:VGFC) stock is rising higher on Thursday even after the company defaulted on a loan to Waygar.
As a result, Waygar is reserving its rights under the Bankruptcy and Insolvency Act to initiate proceedings within the 10-day period set out in the BIA notice. The notice was originally sent to Very Good Food on Jan. 6, 2023.
According to the news release, Very Good Food owes Waygar $8,113,003.68 in principal and interest, as well as accruing interest and recovery costs. Waygar has requested this full amount be paid by the company as per its agreement signed on June 7, 2021.
What’s Happening with VGFC Stock Today
Instead of shares falling, we’re seeing an increase in price for VGFC stock despite the loan default. It seems likely that this is a case of certain traders sending shares higher on the potential bankruptcy news. This has been happening with other stocks in similar situations lately.
With this in mind, investors will note that VGFC stock is seeing heavy trading today. As of this writing, more than 42 million shares of the stock have changed hands. For the record, the company’s daily average trading volume is closer to 7.8 million shares.
VGFC stock is up 8.7% as of Thursday afternoon.
Investors seeking more of the latest stock market news will want to keep reading!
We’ve got all of the latest stock news traders need to know about on Thursday! A few examples include everything happening with shares of BigBear.ai (NYSE:BBAI) stock, Alphabet (NASDAQ:GOOG,GOOGL) stock, and MultiMetaVerse (NASDAQ:MMV) stock today. You can learn more on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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