FuzzMartin
Shares of HTG Molecular Diagnostics (NASDAQ:HTGM) plunged Tuesday, the day after the life sciences firm filed for Chapter 11 chapter safety.
HTG shares just lately offered at $0.93, down 45% from Monday’s shut, at round 11:45 a.m. ET. The inventory opened at $0.91.
HTG disclosed the chapter information in an SEC submitting on Monday, noting that the Chapter 11 submitting might set off a default on its $2.7M mortgage settlement with Silicon Valley Financial institution, now a unit of First-Residents Financial institution and Belief.
In its 10-Q submitting in Might, HTG expressed doubts about its skill to stay as a going concern, including that it believed it had ample assets to fund operations by July. The corporate famous {that a} “materials opposed change” within the firm might set off a default on its mortgage settlement with Silicon Valley Financial institution, which in flip might immediate the financial institution to foreclose on its belongings.
The corporate additionally disclosed in its 10-Q that it owed round $3.8M to NuvoGen Analysis.
Extra on HTG Molecular:
HTG Molecular GAAP EPS of -$2.28 misses by $0.34, income of $1.03M misses by $0.57M
HTG Molecular Diagnostics, Inc. SEC Submitting – Quarterly Report (10-Q) Might 10, 2023
