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

SmileDirectClub shares plummeted 85% after filing for Chapter 11 bankruptcy on Friday
Founders committing at least $20M to bolster balance sheet and protect financial health
Up to $60M of additional capital available upon meeting certain conditions
Founders' investment reflects commitment to company's mission and new growth initiatives
Filed for Chapter 11 protection in U.S. Bankruptcy Court for Southern District of Texas
SmileDirectClub has struggled since its IPO over 4 years ago, with stock never closing above $19.48

marketwatch.com

Relevant topic timeline:

9/29/2023

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

Dental aligner company SmileDirectClub Inc. has filed for bankruptcy, four years after its initial public offering, with its founders planning to invest $20 million in the company's reorganization.