Edgio (EGIO) Stock Is Down 34% Today: What's Going On?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 10 2024
0mins
Source: Benzinga
Company Bankruptcy Announcement: Edgio Inc's shares fell 34% to $0.80 after announcing its voluntary Chapter 11 bankruptcy filing, following an 80% drop the previous day due to plans for a business sale under new ownership.
Financial Support and Operations: The company secured a $110 million credit bid from Lynrock Lake Master Fund LP and $15.6 million in debtor-in-possession financing to maintain operations and ensure employee and vendor payments during the transition period.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
