RTTNews | Oct 14, 2021 10:23AM EDT

10:23 Thursday, October 14, 2021 (RTTNews.com) - Teligent Inc. (TLGT) shares are falling on Thursday morning trade after the company announced the filing for asset sale through voluntary chapter 11 process. The company said it will arrange $12 million debtor-in-possession financing from senior secured lenders.

The specialty generic pharmaceutical company has appointed Vladimir Kasparov, Managing Director at Portage Point Partners, as Chief Restructuring Officer to oversee the business and its restructuring process.

Currently, shares are at $0.23, down 30.34 percent from the previous close of $0.33 on a volume of 54,115,447. For the 52-week period the shares have traded in a range of $0.16 to $1.60 on a volume of 4,773,690.

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