VRAY - ViewRay stock tanks after filing for Chapter 11

2023-07-17 09:50:04 ET

• ViewRay ( NASDAQ: VRAY ) has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware, the company said Monday.
• The company said it plans to sell all or a portion of its assets while continuing to support its customers during the Chapter 11 process.
• ViewRay said it received a DIP financing of $6 million from MidCap Financial Services and is managing inventory to maintain MRIdian MRI-guided radiation therapy systems at customer sites across the globe.
• Prior to filing the petitions for bankruptcy, Phillip Spencer and Gail Wilensky advised the board of their resignations, while Scott Drake stepped down as CEO and transitioned to a continuing role as a director.
• The company appointed Paul Ziegler as CEO and director and decreased its board size from nine to seven directors.
• Press Release .
• Shares -65.9% at 12 cents.

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