Shares of medical technology company Surgalign Holdings (NASDAQ:SRGA) are down a massive 50% at the time of writing today after it filed for Chapter 11 bankruptcy.
The company has made the filing in the Bankruptcy Court for the Southern District of Texas and its assets and liabilities are pegged between $50 million and $100 million, according to Reuters.
Surgalign had undertaken corporate restructuring in the second half of 2022 and earlier this year slashed its headcount by 20%. Moreover, the company announced a further reduction of 25 employees last week which was expected to lower its expenses by nearly $3.5 million over the next 12 months.
Additionally, Surgalign also eliminated the position of Chief Commercial Officer this month with its COO William S. Durall agreeing to transition into a consultant role with the company.
Today’s price decline comes on top of a massive 64.3% price erosion in SRGA shares over the past year.
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