Timber Pharmaceuticals (TMBRQ) has released an update.
On November 17, 2023, the Company and its subsidiaries filed for Chapter 11 bankruptcy, with the case being administered in Delaware under case number 23-11878. On January 22, 2024, the Company submitted monthly operating reports for December 2023 to the Bankruptcy Court, cautioning investors against using these reports for investment decisions due to their limited scope and non-GAAP compliance. Additionally, the Company will report its financials through Form 8-K filings instead of its usual annual and quarterly reports. Investors are warned of the high risks involved in trading the Company’s securities during the bankruptcy process.
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