iLearningEngines ($AILE) Files for Chapter 11 Bankruptcy After 9 Months as Public Company, Stock Drops 36% Pre-Market

$AILE, known as iLearningEngines, has voluntarily filed for Chapter 11 bankruptcy just 9 months after becoming a public company. The company announced its decision following a report from Hindenburg Research, which claimed that nearly all of its financial statements were fabricated. In its bankruptcy filing, iLearningEngines is seeking court approval to continue operations and support its customers while maintaining employee wages and vendor payments during the proceedings. The stock price of iLearningEngines fell by 36% in pre-market trading following the announcement.