Plant-based foods company, Tattooed Chef (NASDAQ: TTCF) cratered in pre-market trading at the time of writing on Monday after the company said that it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code. The company also intends to sell all of its assets under section 363 of the Bankruptcy code.
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The company stated in its press release, “The Company will manage the bidding process and evaluate any bids received, in consultation with its advisors and as overseen by the Bankruptcy Court. The Company seeks to complete an expedited sale process, with any sales subject to review by creditors and approval by the Bankruptcy Court. “
TTCF stock has tanked by more than 60% year-to-date.