Surgalign Shares Up 29%, to 26 Cents; To Be Delisted July 3

Dow Jones2023-06-24

By Josh Beckerman

Shares of Surgalign Holdings, which filed for bankruptcy on Monday, were up 29%, to 26 cents, Friday after the company said it would be delisted from Nasdaq.

Trading would be suspended at the opening of business on July 3. After the Nasdaq delisting takes effect, the stock is expected to trade over-the-counter.

The medical technology company said Tuesday it agreed to sell substantially all of its U.S. hardware and biomaterials assets, and equity interests in certain entities, to Xtant Medical Holdings for $5 million.

Surgalign also noted Tuesday that trading in its stock "is highly speculative and poses substantial risks." It said it expected that holders of common shares "could experience a significant or complete loss on their investment."

The stock closed at $1.22 on June 16 and fell 82% Tuesday.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

June 23, 2023 14:04 ET (18:04 GMT)

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