Amyris (NASDAQ:AMRS) stock is rising higher on Friday with heavy trading after the biotechnology company filed for bankruptcy.
AMRS stock is bouncing back after the company’s stock took a beating on Thursday when it first announced its bankruptcy. At that time, heavy trading pulled the stock lower as traders sold off the company’s shares.
Now we’re seeing a flip of that with some 276 million shares of AMRS stock changing hands with heavy buying. To put that number in perspective, the company’s stock typically only traders about 8.4 million shares per day.
What to Know Abou the Amyris Bankruptcy
According to AMRS, the company is entering bankruptcy to allow for a restructuring of its business. It believes that doing so will give it the opportunity to enhance its cost structure, capital structure, and liquidity position.
As part of this process, Amyris is planning to streamline operations. This has it planning to sell its consumer brands business in a deal that will still see it work with the new owner. It has also acquired $190 million of debtor-in-possession financing to continue normal operations throughout the bankruptcy.
While AMRS stock is rising today, that momentum might not continue. The company’s shares have already been volatile this week with the bankruptcy news. That means investors might see more dips and rallies next week.
AMRS stock is up 152% as of Friday morning.
Investors looking for more of the most recent stock market news are in luck!
InvestorsPlace has all of the latest stock market news that traders need to know about on Friday! A few examples of that include why shares of Nio (NYSE:NIO), DigitalOcean (NYSE:DOCN), and Archer Aviation (NYSE:ACHR) stock are moving today. All of that info is available at the links below!
More Friday Stock Market News
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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.
