Company plans to sell assets following bankruptcy

  • Near Intelligence shares fall 25% after chapter 11 filing
  • Company plans to sell its assets
  • Shares debuted on Nasdaq in March via a SPAC
  • Stock finished the day’s regular session with a 5% loss
  • Near obtained a multi-draw debtor-in-possession financing facility for up to $16 million

Shares of Near Intelligence, which debuted on the Nasdaq in March via a business combination with a special purpose acquisition company, fell 25% in after-hours trading after the company voluntarily filed for chapter 11 bankruptcy. Near Intelligence plans to sell its assets and has obtained a multi-draw debtor-in-possession financing facility for up to $16 million. The stock finished the day’s regular session with a 5% loss.

Public Companies: Near Intelligence (N/A), Kludein I Acquisition (N/A)
Private Companies: Blue Torch Finance LLC
Key People:

Factuality Level: 8
Justification: The article provides factual information about Near Intelligence filing for chapter 11 bankruptcy and seeking to sell its assets. It also mentions the decline in the company’s stock price and the previous business combination with Kludein I Acquisition. The article includes details about the debtor-in-possession financing facility and the asset purchase agreement with Blue Torch. Overall, the information presented appears to be accurate and objective.

Noise Level: 3
Justification: The article provides relevant information about Near Intelligence filing for chapter 11 bankruptcy and seeking to sell its assets. It also mentions the company’s stock performance and the financing facility it obtained. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It mainly focuses on reporting the facts without providing a broader context or exploring the consequences of the bankruptcy on stakeholders.

Financial Relevance: Yes
Financial Markets Impacted: Near Intelligence

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The news article pertains to the financial topic of Near Intelligence filing for chapter 11 bankruptcy and seeking to sell its assets. This event may impact the company’s shareholders and potentially the broader financial markets.

Reported publicly: www.marketwatch.com