Shares of Ambipar Emergency Response (NYSE American: AMBI) dropped 31% to 77 cents on Thursday after trading resumed, following a two-day halt triggered by the company’s bankruptcy filing earlier in the week.
The stock fluctuated between a low of 48 cents — its 52-week low — and a high of 95 cents during intraday trading.
The US-listed subsidiary of Brazilian waste management company Ambipar Participações e Empreendimentos SA filed for Chapter 11 bankruptcy protection in Texas on Monday.
Meanwhile, its parent company filed for insolvency protection in Brazil’s courts, citing irregularities in financial transactions linked to a former senior executive.
Despite the filings, Ambipar said that its normal operations will continue…