Tupperware Stock Is Exploding Higher: What's Going On?

Tupperware Brands Corp TUP shares are trading higher in Thursday's after-hours session after the company announced a debt restructuring agreement.

What Happened: Tupperware said it finalized an agreement with lenders to restructure existing debt obligations, per Reuters.

The agreement provides a reduction and reallocation of approximately $150 million of cash interest and fees. Included is an extension of the stated maturity of about $348 million of principal.

The agreement also grants Tupperware access to a revolving borrowing capacity of approximately $21 million, as well as a reduction of amortization payments required to be paid through fiscal year 2025. 

Tupperware shares surged more than 430% last month amid increased support from retail investors. The stock has become the latest meme craze.

Tupperware is expected to report second-quarter earnings in approximately two weeks, although a date has not been confirmed by the company.

TUP Price Action: Tupperware shares closed Thursday down more than 4%, but the stock was up 43.50% after hours at $5.06 at the time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.