Cue Health Files for Bankruptcy, Will Wind Down Business

Dow Jones05-29

By Stephen Nakrosis

Cue Health on Tuesday said the company has voluntarily filed petitions under Chapter 7 of the U.S. Bankruptcy Code and will pursue a wind down of its business.

A bankruptcy trustee will be appointed to gather and sell Cue's assets, with proceeds going to pay creditors, Cue said.

The company said it worked to strengthen its financial foundation, and had undertaken actions to cut costs and locate additional financing or effect a strategic transaction. However, following a strategic review, the board decided filing for chapter 7 relief was in the best interests of the company and its stakeholders, Cue said.

Earlier this month, Cue had received a warning letter from the U.S. Food and Drug Administration regarding the company's emergency use authorized Covid-19 test. At the time, Cue said it was evaluating the letter and determining a response.

After the bell, shares were down 12% at 7 cents. They closed the day's regular session at 9 cents, losing 2% on the day.

Year to date, the stock has lost over 44%.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 28, 2024 16:47 ET (20:47 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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