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Amyris, Inc. (NASDAQ:AMRS) shares are trading higher Friday as the stock rebounds following a steep selloff after the company announced it filed for Chapter 11 bankruptcy.
The Details:
Amyris shares closed down by nearly 90% on Thursday after the company announced that it had commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
Han Kieftenbeld, CFO of Amyris, stated, "We remain incredibly excited about Amyris' long-term potential and our uniquely talented team's proven ability to deliver on the promise of synthetic biology and continue to make a lasting impact. At the end of this restructuring process, we believe that Amyris will emerge as a financially stronger company with a more focused business model and well-defined path to profitability."
Retail investors have been showing interest in beleaguered and even bankrupt companies, including the recent retail-driven run-ups of Yellow Corporation (NASDAQ:YELL) and Tupperware Brands Corporation (NYSE:TUP). Shares of AMRS have also garnered the attention of short sellers with 23.81% of available shares being sold short, according to Benzinga Pro.
Amyris shares are moving on heavy trading volume with more than 538 million shares traded in the session, far exceeding the stock's 100-day average of 8.412 million shares.
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AMRS Price Action: According to Benzinga Pro, Amyris shares are up by more than 122% at 15 cents at the time of publication.
Image: geralt from Pixabay
