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Newage Inc (NASDAQ:NBEV) shares are trading lower by 22.56% to $0.09 on continued weakness after the company recently announced it filed a voluntary petition for relief under chapter 11 of the United States Bankruptcy Code.

What Else?

NewAge says the company has determined that the Chapter 11 process is the most expeditious way to pursue a strategic transaction and protect and preserve value for all stakeholders.

NewAge says the company, with the help of its advisors, has secured a commitment for a "debtor in possession" financing facility of $16.0 million, subject to court approval. NewAge says this capital, together with revenue generated from ongoing operations, will provide liquidity to support the Company through the sale process.

According to data from Benzinga Pro

Why NewAge Shares Are Getting Hammered