WBEV - Winc (WBEV) Stock Plunges 28% on Bankruptcy Filing
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Winc (NYSEMKT:WBEV) stock isn’t doing so hot on Thursday as investors react to the wine subscription service company filing for bankruptcy protection.
Winc is filing for bankruptcy as the company has continued to struggle since going public late last year. That includes an ever-dropping share price, which is down 97.3% over the last 52-week period.
Investors will also note that the company hasn’t been performing well in earnings. It last reported earnings on Nov. 15, which saw it miss earnings per share estimates by 9 cents and revenue estimates by $2.9 million.
Details of the Winc Bankruptcy
Winc points out in its bankruptcy filing that it’s already lined up a potential stalking horse bid. This would see that bidder acquire all of the company’s assets. As part of this agreement, an open auction will take place allowing others to bid on Winc’s assets.
Winc is also working alongside Banc of California in its bankruptcy filing. It has a credit agreement signed with the company’s predecessor, Pacific Mercantile Bank, from Dec. 15, 2020.
Today’s bankruptcy news is rattling investors with the WBEV stock seeing heavy trading. As of this writing, more than 446,000 units of the stock have been traded as investors offload shares. To put that in perspective, the company’s daily average trading volume is closer to 168,000 shares.
WBEV stock is down 28.4% as of Thursday morning.
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