Nogin files for Chapter 11 bankruptcy

seekingalpha2023-12-07

Nogin (NASDAQ:NOGN) said on Wednesday it had entered into Chapter 11 bankruptcy proceedings in combination with a stalking horse bid and Debtor in Possession financing with B. Riley Financial. Shares ...

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Riley Financial. Shares ...</p>\n\n<a href=\"https://seekingalpha.com/news/4044147-nogin-files-for-chapter-11-bankruptcy\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4220","symbol_name":"综合零售","start_time":0,"source_url":"https://seekingalpha.com/news/4044147-nogin-files-for-chapter-11-bankruptcy","article_id":"2389806282","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/530685895/image_530685895.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2389806282","pubTimestamp":1701901521,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Nogin  said on Wednesday it had entered into Chapter 11 bankruptcy proceedings in combination with a stalking horse bid and Debtor in Possession financing with B. Riley Financial. Shares of NOGN surged 15.9% in after hours trading.  \"This support provides for Nogin's sustained operations through the restructuring and its emergence from the Chapter 11 process,\" Nogin said in a statement.  The company noted there would be no disruptions in its services during the restructuring process. It added it had secured over $27 million in bookings year-to-date.  Nogin said it had partnered with Portage Point Partners to assist it during the restructuring phase. It will be appointing Vlad Kasparov and Robin Chiu as chief restructuring officer and deputy CRO, respectively.  According to Nogin, the process will consist of an open bidding procedure. The company expects a return to profitability in the next fiscal year.    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