Reported 1 day ago
ACV Auctions experienced a significant stock decline of almost 15% this week, primarily due to negative news regarding a client of its ACV Capital subsidiary that filed for Chapter 7 bankruptcy. The company's disclosure revealed that it had provided an $18 million line of credit to the unnamed client, which could result in financial losses. This downturn follows disappointing second-quarter earnings, further dampening investor sentiment.
Source: YAHOO