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Codiak BioSciences (NASDAQ:CDAK) inventory is falling onerous on Monday after the corporate introduced plans for an asset sale by means of a Chapter 11 chapter.
In response to a press launch, Codiak began the advertising and marketing course of earlier than getting into into Chapter 11. The corporate did so in an effort to gauge curiosity within the sale of its property. Codiak is at the moment in “ongoing discussions with a number of events.”
Codiak BioSciences additionally expects this course of to finish as quickly as doable. Upon completion, the corporate believes it’s going to have enacted a whole sale of its enterprise or the vast majority of its core enterprise.
President and CEO Douglas E. Williams stated the next in regards to the information:
“The Board and administration group have completely assessed all of our strategic choices and imagine that this structured course of represents the absolute best resolution for Codiak, making an allowance for our monetary wants and the stage of our scientific and analysis applications.”
CDAK Inventory Motion At the moment
Contemplating the information of the asset sale and chapter submitting, it is sensible that CDAK inventory is seeing heavy buying and selling right now. As of this writing, greater than 6 million shares have modified fingers. That’s a large surge in comparison with its day by day common buying and selling quantity of about 170,000 shares.
CDAK inventory is down 52.3% as of Monday afternoon.
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On the date of publication, William White didn’t maintain (both instantly or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Pointers.
