Why Athenex (ATNX) Stock Is Getting Obliterated Monday

Athenex Inc (NASDAQ:ATNX) shares are trading lower after the company announced it voluntarily filed Chapter 11 proceedings.

What Else?

Athenex says this expedited sale will enable the company to divest its assets and wind down the Athenex platform in an orderly fashion, while seeking to maximize value for its stakeholders.

The company says it anticipates concluding the expedited sales process by July 1, with the Chapter 11 cases continuing thereafter to resolve claims.

Meanwhile, Athenex says the company has also reached an agreement with its secured lenders, subject to court approval, for the consensual use of cash collateral.

Athenex says this will enable the company to, among other things, satisfy certain obligations to its vendors for authorized goods received and services rendered after the filing.

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According to data from Benzinga Pro, ATNX has a 52-week high of $23.80 and a 52-week low of $0.43.