The self-proclaimed “Internet’s #1 Way To Wine” is having financial problems. Winc, a popular online wine subscription service based in Santa Monica, CA, has filed for Chapter 11 bankruptcy. This comes just a year after going public on the New York Stock Exchange, where it raised $22M through its Initial Public Offering (IPO). Prior to that, Winc raised $54M+ from venture investors.
With a valuation at IPO of around $170M and shares at $13/each, as of today’s closing bell Winc is trading down at $0.21/share and a market cap of $2.76M.
So, what does this mean for those of you subscribing to Winc? As of now, the lights are still on. Chapter 11 bankruptcy allows Winc to keep operating while they work out a plan to repay creditors. What the future may hold, we’ll see. Information about Winc’s Chapter 11 Sales Filing can be found here.
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