SmileDirectClub Inc. SDC said late Friday it is voluntarily filing for Chapter 11 bankruptcy protection as founders are investing to recapitalize the teeth-straightening company. SmileDirectClub shares were halted at an 0.8% gain in the extended session Friday, having closed the regular session down 6.6% at 87 cents a share. The company said its “founders have committed to invest at least $20 million to bolster the company’s balance sheet and to protect its near- and long-term financial health,” and that “up to $60 million of additional capital is available upon satisfaction of certain conditions.” The company filed for Chapter 11 bankruptcy protection in the southern district of Texas.
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