NEW YORK (TheStreet) -- Shares of GT Advanced Technologies (GTAT) plunged more than 90% to a 52-week low of 75 cents on Monday after the company, which makes solar and LED equipment, announced it and its subsidiaries had filed for Chapter 11 for voluntary bankruptcy protection.
The company, which supplies sapphire glass to Apple (AAPL) - Get Report for the tech giant's products, announced it had $85 million in cash as of September 29. It also said it had more than $1 billion in assets and liabilities.
GT Advanced said it would try to secure debtor-in-possession financing in order to obtain more funds.
The stock closed down 92.76% to 80 cents. More than 177 million shares changed hands, which eclipsed the average volume of 11,575,000 and made GT Advanced the most actively traded stock of the day.