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Latest SmileDirectClub Stock News | OTC:SDCCQ | Benzinga

SmileDirectClub Inc is engaged in the orthodontics business. It is mainly involved in the sale of aligners, impression kits, whitening gel, and retainers. The company has one operating segment, aligner products.

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SmileDirectClub Inc (OTC: SDCCQ) shut down after filing for bankruptcy in the U.S. in September.

Once High-Flying Direct-To-Consumer Dentistry Company SmileDirectClub Shuts Down

SMILEDIRECTCLUB INC A by SmileDirectClub, Inc.

SmileDirectClub Inc

SmileDirectClub

SmileDirectClub Inc&nbsp;(OTC:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/stock/sdccq#OTC" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SDCCQ</a>) shut down after filing for bankruptcy in the U.S. in September.

Founded in 2014, the company sold teeth aligners for $1,850 as a faster, cheaper alternative to braces and took a direct-to-consumer marketing approach.&nbsp;

SmileDirectClub went public via an initial public offering of&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/35017733/smiledirectclub-files-for-chapter-11-bankruptcy-just-four-years-after-1-35-billion-ipo" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$1.35 billion in 2019</a>.

On its website, SmileDirectClub&nbsp;<a class="editor-rtfLink" href="https://smiledirectclub.com/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">said</a>&nbsp;it decided to wind down its global operations immediately.&nbsp;

For new customers interested in SmileDirectClub services, aligner treatment is no longer available through the telehealth platform. For existing customers, the customer care support is no longer available.

In the statement on its website, Smile Direct Club apologized for the inconvenience caused.

SmileDirectClub catered to over two million customers across almost ten years.&nbsp;

As court filings and financial statements revealed, the company struggled to profit, burdened with almost $900 million in debt.&nbsp;

Additionally, the company resolved a lawsuit from the District of Columbia Attorney General&#39;s office this year. The lawsuit alleged that SmileDirectClub&nbsp;<a class="editor-rtfLink" href="https://www.nytimes.com/2023/12/09/business/smiledirectclub-shutting-down-liquidation.html" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">utilized</a>&nbsp;confidentiality clauses to suppress consumer criticism, the New York Times noted.

SmileDirectClub actively pursued potential buyers for its enterprise in the last few months. Although there was initial interest from several parties, all interested buyers either withdrew from the process or submitted impractical bids that couldn&#39;t be considered viable, the&nbsp;<a class="editor-rtfLink" href="https://fortune.com/2023/12/08/smiledirectclub-to-liquidate-bankruptcy/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Fortune</a>&nbsp;noted.

&quot;When it came to the founder-led bid, it was really a Hail Mary,&quot; Winters told US Bankruptcy Judge Christopher Lopez. &quot;We pushed very, very hard this week, and it just didn&#39;t come together.&quot;

&quot;We turned over every rock,&quot; Winters said in the hearing, adding he thought as recently as Thursday that a going-concern sale was still feasible.

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Latest SmileDirectClub Stock News | OTC:SDCCQ | Benzinga

Monday, December 11, 2023

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