Shares of AppHarvest, Inc. (APPH) are falling over 68% on Monday after the company filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code to support a financial and operational transition to enable the company to reduce its outstanding liabilities.
APPH is trading on the Nasdaq at $0.10, down 68.44% or $0.22 per share. It has traded between $0.09 and $4.18 in the past 52-week period.
The company said that it obtained a commitment from Equilibrium for approximately $30 million in debtor-in-possession financing to provide the necessary liquidity to support operations during the Chapter 11 process. The DIP financing is subject to the approval of the Court.
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