Shares of Kraft Heinz hit a 52-week low on Monday, after Standard & Poor's put the struggling food giant on CreditWatch negative -- Kraft missed its extended deadline to file its annual report with the SEC for 2018.
After the news hit the markets, the struggling company’s shares, which are valued at nearly $39 billion, fell more than 1% to sink to a 52-week low of $31.53.
The company has been long struggling amidst dividend slashes and a subpoena from the SEC. Further, the company wrote down $15.4 billion on its namesake Kraft and Oscar Mayer brands. Since then, the company’s shares have dropped more than 33%.
The company is also struggling with its debts and to downsize them, it has plans to sell its Maxwell House coffee brand and its dairy business.
The company is now working towards filing its long overdue annual report along with first quarter of fiscal filing for 2019 following which the issue with CreditWatch may be resolved.