Shares of Ebix Inc. $(EBIX)$ plummeted 54.6% toward a 17-year low in premarket trading Monday, after the Georgia-based provider of on-demand software for the insurance, financial services, travel and healthcare industries said it filed for bankruptcy. the company said it will continue to operate "normally," and that its affiliates outside of the U.S. are not included in the bankruptcy. The company also announced a "stalking horse" agreement to sell its North American life and annuity assets for $400 million to Zinnia, which is a deal reached ahead of an auction. Ebix has retained Jefferies LLC to help with the sale process. The stock was headed for the biggest one-day percentage loss since going public in 1987, and was on track to open at the lowest price seen since October 2006. It had plummeted 75.3% year to date through Friday, while the S&P 500 had rallied 22.9%.
-Tomi Kilgore
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(END) Dow Jones Newswires
December 18, 2023 06:46 ET (11:46 GMT)
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