Shares of Tupperware Brands (NYSE:TUP) are up big again this week, rising nearly 15% Thursday afternoon.
The stock has made significant gains each of the past three days, jumping from $1.17 per share at Monday's close to $2.66 around 1 pm Thursday. It's also not a new phenomenon: In July, shares of the food-storage container producer surged 434% on no apparent news.
So what's going on?
Earlier this year, Tupperware seemed headed for bankruptcy, but a debt restructuring deal reached in August jumpstarted the company's turnaround plan. The deal extended the maturity of $348 million of principal out to 2027 and allowed $150 million of interest to be reallocated into payment-in-kind interest. It also got access to US$21 million of revolving borrowing.
Additionally, Tupperware recently revealed an amendment to a previous credit agreement in an SEC filing. The amendment pushed back the deadline for when Tupperware must report its annual audited financial statements for the fiscal year ending December 31, 2022, from September 16, 2023, to November 1, 2023.
That November 1 date will likely be an inflection point for the meme stock when the company's results are laid bare.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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