Near Intelligence Shares Fall 25% After Chapter 11 Filing, Plans to Sell Business

Dow Jones

Dec 09, 2023

By Stephen Nakrosis

Shares of Near Intelligence, which debuted on the Nasdaq in March via a business combination with a special purpose acquisition company, were trading lower in Friday's after-hours market, following news the company voluntarily filed for chapter 11 bankruptcy and will seek to sell its assets.

The company's shares fell 25% to trade at 11 cents in after-hours trading. The stock finished the day's regular session with a 5% loss, closing at 15 cents.

Kludein I Acquisition, a SPAC, entered into the business combination which took Near public. The combined company's shares debuted on March 24 on the Nasdaq, and hit an all-time high of $18.65 that day, before closing with a 17% gain.

On Friday, Near said it obtained a multi-draw debtor-in-possession financing facility for up to $16 million from existing secured lenders affiliated with Blue Torch Finance LLC. Before filing for chapter 11, Near said, it entered a "stalking horse" asset purchase agreement with Blue Torch.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 08, 2023 17:38 ET (22:38 GMT)

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Before filing for chapter 11, Near said, it entered a \"stalking horse\" asset purchase agreement with Blue Torch.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4023":"应用软件"},"translate_title":"Near Intelligence股价在申请破产保护后下跌25%，计划出售业务","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NQmain":0.64,"NIR":0.9},"content_text":"By Stephen Nakrosis \n\n\n \n\n\n  Shares of Near Intelligence, which debuted on the Nasdaq in March via a business combination with a special purpose acquisition company, were trading lower in Friday's after-hours market, following news the company voluntarily filed for chapter 11 bankruptcy and will seek to sell its assets. \n\n\n  The company's shares fell 25% to trade at 11 cents in after-hours trading. 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