Shares of global wind blade manufacturer TPI Composites (NASDAQ:TPIC)
fell 46.2% in the morning session after the stock extended its negative momentum as the company filed for Chapter 11 bankruptcy. The wind blade manufacturer announced it has voluntarily filed for Chapter 11 bankruptcy to pursue a financial restructuring. This move follows a period of financial difficulty, highlighted by a recent second-quarter earnings report where both revenue and earnings per share missed analyst estimates significantly.
Curious to know what's happening on the US markets in the middle of the day on Monday? Join us as we explore the top gainers and losers in today's session.
As the regular session of the US market on Friday comes to an end, let's delve into the after-hours session and discover the top gainers and losers shaping the post-market sentiment.
The session on Friday is off to an intriguing start with several stocks showing significant price gaps. Let's examine the gap up and gap down stocks in today's session.
Let's have a look at what is happening on the US markets before the opening bell on Friday. Below you can find the top gainers and losers in today's pre-market session.
Shares of global wind blade manufacturer TPI Composites (NASDAQ:TPIC)
jumped 88.7% in the afternoon session after the company received court approval for its first-day motions related to its Chapter 11 bankruptcy proceedings, securing crucial financing to continue operations.
Intrigued by the market activity in the middle of the day on Thursday? Uncover the key winners and losers of today's session in our insightful analysis.
Shares of global wind blade manufacturer TPI Composites (NASDAQ:TPIC)
fell 40.6% in the afternoon session after the company filed for Chapter 11 bankruptcy protection to pursue a comprehensive financial restructuring. The company initiated voluntary Chapter 11 proceedings to address significant financial challenges, including over $1 billion in debt. To support its operations during this period, TPI has secured up to $82.5 million in financing from its senior lender, Oaktree Capital Management, which is now expected to take over the company. The filing follows a weak second-quarter report where revenue of $276.2 million missed analyst forecasts. TPI Composites warned that its common stock is highly speculative, expecting that shareholders will not receive any distributions and that the equity will likely be canceled and delisted from the Nasdaq exchange.
