Teledentistry company SmileDirectClub is implementing a recapitalization plan to fund short- and long-term growth.
The founders of SmileDirectClub have committed to investing at least $20 million, and an additional $60 million in capital is available based on reaching certain conditions, according to a Sept. 29 news release from SmileDirectClub.
To execute the transaction, the company has voluntarily filed for bankruptcy protection.
SmileDirectClub will continue to provide oral care to its customers without any disruption, the release said.