SFXE Stock Fell Another 9.5% Wednesday, Analyst Predicts Bankruptcy
[UPDATED] The battered stock of promoter and EDM culture hub SFX Entertainment (SFXE) fell another 9.5% on Wednesday, closing at $1.04. Yesterday, Wall Street's Seeking Alpha said that SFX was running out of cash and likely headed to bankruptcy.
In stark terms, Seeking Alpha summarized the plight of SFXE.
- SFXE shares are down over 70% since we published on the stock.
- We believe there is still another 100% decline to go.
- SFXE is quickly running out of cash and liquidity.
- Ticket sales and festival popularity appear to be in decline.
- We believe bankruptcy is next.
SFXE stock began its latest dramatic decline on Friday, after CEO Sillerman missed a Thursday deadline to finance a stock buyback, and continued on Monday and Tuesday.