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Selina Networks filed for bankruptcy on Monday, citing a 95% drop in stock value since its IPO, massive debts, and an inability to meet financial obligations with its investors, the company informed the Inter-American Development Bank, YnetNews.com reported. Listed on NASDAQ 18 months ago with a valuation of $1.2 billion, Selina's stock price has plummeted by 99%, leaving the company valued at about $20 million. Facing potential delisting from NASDAQ, the company's stock price has fallen below the minimum threshold.
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