NanoString Technologies Inc., including some of its subsidiaries, has voluntarily filed for chapter 11 restructuring in the District of Delaware's United States Bankruptcy Court. The company is looking into strategic options to foster its mission and meet the needs of its stakeholders. This could mean selling off the company or certain product lines, as mentioned in a recent statement issued by the company.
It's important to note that NanoString has tentatively agreed with some of its existing lenders to secure at least $40 million in new funds in the form of Debtor in Possession financing. Subject to court approval, this form of funding should provide enough liquidity to keep the company running throughout case proceedings.
As a point of reference, NanoString's shares dipped by 9.44 percent on Friday, closing at $0.4681.
