2U Shares Plummet Premarket After Bankruptcy Filing

Dow Jones07-25

By Colin Kellaher

Shares of 2U Inc. plunged more than 70% in premarket trading Thursday after the online-education company filed for chapter 11 bankruptcy with a deal in hand to be taken private.

The Lanham, Md., company plans to erase more than half of its debt through the bankruptcy process and emerge as a private company backed by its current lenders and noteholders, including funds managed by Mudrick Capital Management, Greenvale Capital and Bayside Capital.

Common shareholders are generally wiped out in bankruptcy cases, and 2U warned that it expects its shareholders could experience a significant or complete loss on their investment, depending on the outcome of its chapter 11 cases.

2U, which once sported a market capitalization topping $5 billion, ended Wednesday's session with a market value of about $11.5 million.

In premarket trading Thursday, the stock was recently down 71% to $1.20.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 25, 2024 07:37 ET (11:37 GMT)

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

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