SmileDirectClub Files for Bankruptcy 4 Years After $1.35B IPO Despite Never Turning a Profit

SmileDirectClub filed for bankruptcy 4 years after raising $1.35 billion in an IPO.
The filing allows the company to continue operating while it works out a plan to repay creditors.
The company struggled with declining revenues and never turned a profit after going public.
SmileDirectClub got caught in a patent fight with a rival company.
The company drastically cut sales and marketing during the pandemic shutdowns.

yahoo.com

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9/29/2023

SmileDirectClub Files for Bankruptcy, Founders Commit $20M as Stock Plummets 85%

SmileDirectClub has filed for Chapter 11 bankruptcy protection as founders seek to recapitalize the business, resulting in a sharp drop in share prices.