Roomba maker iRobot filed for Chapter 11 bankruptcy Sunday and will turn over its business to a pair of Chinese companies and go private, capping a years-long fall from grace.

iRobot shares sank 80% in premarket trading.

The Massachusetts-based company said it had entered a restructuring agreement under which iRobot will be acquired by its primary lender and manufacturer, Shenzhen Picea Robotics Co. and Santrum Hong Kong. Co.

“Today’s announcement marks a pivotal milestone in securing iRobot’s long-term future,” said iRobot’s Chief Executive Gary Cohen, in a statement. “The transaction will strengthen our financial position and will help deliver continuity for our consumers, customers and partners.”

After peaking in January 2021 at $161.16 a share amid the meme-stock frenzy, iRobot’s stock has plummeted 98%, closing Friday at $4.32 a share. The robot-vacuum maker has been looking for a buyer after a $1.7 billion acquisition by Amazonwas terminated in January 2024over regulatory concerns. In March,the company warned it could go out of businesswithout a new owner.

Under terms of the pre-packaged Chapter 11 deal announced Sunday, iRobot will continue to operate, with no anticipated disruption to its customers or global partners.

Following court approval, iRobot said it will withdraw from the Nasdaq and become a private company wholly owned by Picea.