2023-04-10 06:55:36 ET
Tupperware Brands Corporation ( NYSE: TUP ) fell sharply in Monday’s premarket trading after disclosing the engagement of financial advisors to assess the situation of the company and its ability to continue operation.
The company disclosed that it received a non-compliance notice from the New York Stock Exchange on April 3 due to a lack of a 10-K filing for 2022, confirming its receipt on April 7. In tandem with the disclosure filed on April 7, the company issued a Going Concern statement and told investors that it has engaged financial advisors in order to assist in sustaining operations. The 8-K filing states that this includes a review of the real estate portfolio “for property available for potential dispositions or sale-leaseback transactions,” along with the “monetization of fixed assets” more generally.
“Tupperware has embarked on a journey to turn around our operations and today marks a critical step in addressing our capital and liquidity position,” said Miguel Fernandez, President and Chief Executive Officer of Tupperware Brands. "The Company is doing everything in its power to mitigate the impacts of recent events, and we are taking immediate action to seek additional financing and address our financial position.”
Shares of Tupperware ( TUP ) fell 11.16% in early premarket trading.
Read more on the company’s delayed 10-K filing .
For further details see:
Tupperware Brands stock tumbles on delisting risk, advisor engagement