Polished.com (NYSEMKT:POL) stock is falling on Tuesday after the e-commerce company noted it failed to pay back its debt to Bank of America (NYSE:BAC) on time.
A filing with the Securities and Exchange Commission (SEC) reveals that Polished.com didn’t pay back interest amounts and fees due in a credit agreement with Bank of America. The payment was due at the end of January, and failure to pay has triggered default actions.
This has Bank of America seeking full repayment of principal, accrued interest, additional fees, costs, charges and other obligations in the agreement. Bank of America has used some of the $1,989,754.83 of Polished.com funds stored with it to handle payments of certain fees.
What’s Next for POL Stock?
Polished.com says that it is currently seeking a resolution with Bank of America. However, it points out that there’s no guarantee this will happen in a timely manner or will be positive for the company.
That also has POL warning that this could have an adverse effect on its business and even lead to its bankruptcy or insolvency. That’s definitely not the kind of news that POL stockholders wanted to hear this morning.
POL stock is down 32.7% as of Tuesday morning. The stock is also down 47.6% year-to-date as of yesterday’s close.
There are even more stock market stories that traders are going to want to sink their teeth into below!
We have all of the most recent stock market news worth reading about on Tuesday! That includes everything happening with shares of G1 Therapeutics (NASDAQ:GTHX) stock, Ohmyhome (NASDAQ:OMH) stock and ARB IOT (NASDAQ:ARBB) stock today.
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On the date of publication, William White did not have (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.
