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Tupperware Brands Corporation (NYSE:TUP) rose 20% on Monday morning as the stock continues its month-long frenzy.
Shares have spiked repeatedly since late July, and shorts have increased from about 23% to over 27% in that time. TUP is up 304% over the past month.
Volume peaked at 45M on July 24 and is at around 545K as of publication time.
In April, the company warned that it could go bankrupt and subsequently hired investment bank Moelis & Co LLC to help explore strategic alternatives.
Annual sales at the company have been cut in half over the past decade, totaling $1.3B in 2022.
A deal
Earlier this month, Tupperware Brands (TUP) surged after it reached a debt restructuring deal with its lenders.
The deal includes reduction/reallocation of ~$150M cash interest and fees; extension of the maturity of ~$348M principal and reallocated interest to FY27 (with payment-in-kind interest); lower amortization payments by ~$55M; and immediate access to ~$21M revolving credit.
“This agreement provides us with the financial flexibility to continue executing on near-term turnaround efforts,” Chief Financial Officer Mariela Matute.
Tupperware (TUP) also delayed filing its Q1 earnings report on account of restatement of FY22 results due to misstatements and internal control weaknesses.
