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Invitae

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businessfinance1 year ago•1 min saved

"Invitae's Rapid Decline: From $7B Valuation to Near-Bankruptcy"

Invitae Corporation, backed by SoftBank, is reportedly on the verge of filing for bankruptcy due to a substantial $1.5 billion debt burden. The company is seeking restructuring advice and legal counsel to navigate its financial challenges, while actively exploring strategic options including shedding assets and cost-cutting measures. SoftBank, having invested $1.2 billion in convertible debt in 2021, remains a stakeholder in the company, which has seen an 82% loss in market value over the past year.

via Yahoo Finance|

#bankruptcy #businessfinance #financial-turmoil

business1 year ago•1 min saved

"Invitae's Impending Bankruptcy Sends Shockwaves Through Genetic Testing Industry"

Genetic test maker Invitae is reportedly preparing to file for bankruptcy within weeks, as it grapples with $1.5 billion of debt on its balance sheet. The San Francisco-based company, backed by Softbank, has seen its shares plummet 69% to a record low of 11 cents. Invitae has formed a special committee to address its capital structure and is working with advisors to explore strategic options, including bankruptcy, to alleviate its financial challenges.

via Reuters|

#bankruptcy #business #debt