Posted 9/30/2023, 7:06:11 PM

SmileDirectClub Files for Bankruptcy Just 4 Years After $1.35B IPO

SmileDirectClub filed for Chapter 11 bankruptcy just 4 years after its $1.35 billion IPO in 2019
The company pioneered direct-to-consumer dental aligners but faced stiff competition
SmileDirectClub struggled with decreasing revenues and losses, exacerbated by the pandemic
The bankruptcy filing will allow SmileDirectClub to restructure debt and raise new capital
The company's founders plan to inject at least $20 million as part of the turnaround effort

benzinga.com

Relevant topic timeline:

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.

10/2/2023

SmileDirectClub Faces Liquidation in 2 Months If No Buyer Found, 4 Years After $1.35B IPO

Dental aligner company SmileDirectClub Inc. will search for a buyer for two months and liquidate if unsuccessful, following its Chapter 11 bankruptcy filing.