HomeTop MoversHere is why Sequential Brands Group Inc. (SQBG) stock surged on Wednesday?

Here is why Sequential Brands Group Inc. (SQBG) stock surged on Wednesday?

Sequential Brands Group Inc. (SQBG) shares declined 3.94% in after-hours on Wednesday, September 1, 2021, and closed the daily trading at $7.55. However, in the regular trading session of Wednesday, SQBG’s stock gained 53.22%. SQBG shares have risen 28.85% over the last 12 months, and they have moved down 29.06% in the past week. Over the past three months, the stock has lost 19.38%, while over the past six months, it has slid down 52.59%.

Let’s have a brief look at its latest news.

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Jessica Simpson offers for SQBG

On September 1, 2021, attorney Joshua Brody told the judge that Jessica Simpson’s family offered to buy Sequential Brands Group Inc. (SQBG) out of bankruptcy for $65 million.

The company will try to get a final agreement in the coming weeks to have the Simpson family act as the so-called stalking horse bidder at an auction, Brody said. Two other current partners, Galaxy Active and Centric Brands have also agreed to serve as lead bidders for other assets, setting a floor price for the brands they are trying to buy.

SQBG filed Bankruptcy

On August 31, 2021, Sequential Brands Group, Inc (SQBG) with its wholly-owned subsidiaries, commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

The Company said that as a result of the significant debt on its corporate balance sheet, it was no longer able to operate its portfolio of brands.

SQBG 3rd delisting letter from Nasdaq

On August 31, 2021, Sequential Brands Group, Inc (SQBG) and certain of its subsidiaries received a third letter from the Nasdaq Stock Market stating that the Company is required to submit a plan to regain compliance with the rule by September 3, 2021 and that any exception to allow the Company to regain compliance, if granted, would require compliance by November 22, 2021.

On August 25, 2021, the Company received a second letter from Nasdaq indicating that the Company remains delinquent in filing the Form 10-Q for the period ended March 31, 2021, as well as for the period ended June 30, 2021, and therefore is not in compliance with Nasdaq Rule 5250(c)(1).

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SQBG stock is facing uncertainty due to the recent events and after filing bankruptcy its stock went down on 31 August but it surged on September 1after Simpson’s family offer to but the business. It again went down in the after-hours on Wednesday due to another delisting notice from Nasdaq. We are not sure when its stock will get stable in the coming days.

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