Alpine Summit Energy (NASDAQ:ALPS) stock is falling on Friday after the energy development company filed for Chapter 11 bankruptcy protection.
According to the company’s press release, it has chosen to voluntarily file for Chapter 11 bankruptcy protection after exploring its strategic alternatives. The company also notes it has $15.5 million in debtor-in-possession financing to continue operations throughout the bankruptcy.
Now that Alpine Summit Energy has filed for bankruptcy, the company is considering selling its assets. In addition to that, the company’s debtors have already filed several “first day” motions with the bankruptcy filing.
What This Means for ALPS Stock
A bankruptcy filing is never good news for a company’s stock and that’s the same for ALPS stock. With this filing and plan to sell assets, it seems unlikely that ALPS shares will keep trading for much longer. Investors are likely going to see a delisting notice from the Nasdaq for ALPS stock in the coming days.
To go along with this, some 312,000 shares of ALPS stock are changing hands as of this writing. That’s closing in on the company’s daily average trading volume of about 370,000 shares. With that movement comes ALPS stock falling 4.3% on Friday. That builds on a 48.5% drop the shares saw during normal trading hours on Thursday.
Investors keeping an eye out for all of the most recent stock market news will want to keep reading!
InvestorPlace is home to all of the latest stock market coverage that traders need to read about on Friday! A few examples include why shares of DigitalOcean (NYSE:DOCN), iMedia Brands (NASDAQ:IMBI) and Bluejay Diagnostics (NASDAQ:BJDX) stock are moving this morning. You can catch up on all of this news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
