ViewRay Inc (NASDAQ:VRAY) shares are trading lower by 13% to $0.07 Tuesday afternoon. The stock is falling on downward momentum after the company filed voluntary Chapter 11 petitions.
ViewRay plans to sell its business and assets while supporting customers, it has also secured approximately $6 million in debtor-in-possession financing and will continue operations using existing cash reserves.
The company aims to maintain inventory and customer service and has made necessary motions to ensure operational continuity. Resignations from the Board of Directors were announced, and a new CEO, Paul Ziegler, has been appointed, along with a new Senior Vice President, General Counsel, Sanket Shah.
The company meanwhile says it remains focused on delivering value to cancer patients and stakeholders.
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According to data from Benzinga Pro, VRAY has a 52-week high of $4.96 and a 52-week low of $0.065.
