Cutera (CUTR) Shares Are Down 45% Today: What's Going On?

Cutera Inc CUTR shares are trading lower by 45% to 17 cents during Wednesday’s session after the company announced a restructuring plan involving filing “pre-packaged” Chapter 11 bankruptcy in Texas. The company says the restructuring will reduce its debt by over 90%—nearly $400 million—and raise $65 million in new funding.

What To Know: To facilitate the restructuring process, Cutera has filed “pre-packaged” Chapter 11 bankruptcy in Texas but will continue operating without disruption.

CEO Taylor Harris emphasized the move as a step toward sustainable growth with a stronger capital structure. The restructuring plan, already negotiated and approved by lenders, is expected to be completed within 60 days, after which Cutera will become a private company with investment firm backing.

What Else: The company has also requested court approval to continue timely vendor payments. Its international entities remain unaffected by the filing.

Cutera says the company meanwhile aims to maintain its commitment to innovation and customer service throughout the transition.

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According to data from Benzinga Pro, CUTR has a 52-week high of $3.00 and a 52-week low of $0.16.