Shares of medical technology company Surgalign Holdings (NASDAQ:SRGA) are down a massive 50% at the time of writing today after it filed for Chapter 11 bankruptcy.
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The company has made the filing in the Bankruptcy Court for the Southern District of Texas and its assets and liabilities are pegged between $50 million and $100 million, according to Reuters.
Surgalign had undertaken corporate restructuring in the second half of 2022 and earlier this year slashed its headcount by 20%. Moreover, the company announced a further reduction of 25 employees last week which was expected to lower its expenses by nearly $3.5 million over the next 12 months.
Additionally, Surgalign also eliminated the position of Chief Commercial Officer this month with its COO William S. Durall agreeing to transition into a consultant role with the company.
Today’s price decline comes on top of a massive 64.3% price erosion in SRGA shares over the past year.
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