Tattooed Chef Plummets on Chapter 11 Plans, Asset Sales (1)

(Adds share move)

Tattooed Chef (TTCF US) plunges 38% postmarket as it pursues the sale of substantially all of its assets.

• Expects to continue operations during the Chapter 11 process
• Company plans to file in US Bankruptcy Court for Central District of California
• “Our business has continued to be impacted by a challenging financing environment and an inability to raise additional capital,” Chairman/CEO Sam Galletti said
• Shares were halted prior to the announcement
• If the decline in postmarket trading holds, the stock is set to hit its lowest level on record
  • As of the last close, the stock has fallen 56% this ...