Unique Fabricating stock was trading at just 15 cents per share as of Wednesday morning, having lost nearly all of its value since launching its initial public offering in 2015 at $11 per share.

The company, which operates plants and warehouses in Michigan, Georgia and Kentucky, as well as Mexico and Ontario, is also in default with its lender, whose patience appears to be wearing thin.

After several forbearance agreements with Citizens Bank NA, the lender issued notice to the company March 23 that it was in default on payments for a loan principal of $44.1 million.

“The notice stated that as of its date, the agent and the lenders will no longer allow automatic advances under the revolving line of credit,” according to the SEC filing. “… Any further advances under the revolving line of credit will be at the discretion of the lenders and subject to such additional terms and conditions as may be required by the lenders for any such advances.”

Unique Fabricating could not be reached for comment.

In its most recent financial report — the one under review — company executives said it took a $6.2 million operating loss and $10.6 million net loss in the third quarter, with projected full-year sales of $136 million. It had just $500,000 in cash and $1.3 million in liquidity under its revolving credit facility, now being reined in by lenders.

On a November call with investors, CEO Doug Cain expressed optimism about getting its debt in order and winning new business. About 90 percent of revenue is tied to automotive, with the rest composed of home appliance and consumer off-road.

Like other automotive suppliers, Unique Fabricating was struggling with production volatility, shrinking volumes and inflation, according to executives.

Cain said Unique Fabricating recently won a takeover project, launching Dec. 22, to supply electric vehicle maker Rivian with shaped foam HVAC ducts.

Rivian spokesman Peebles Squire declined to comment on the deal. “We do not have anything to add at this time,” he said in an email.

On the November call, Cain said: “We are optimistic about completing the comprehensive debt refinancing that we expect to benefit all our commercial activities.”

Now, the writing appears to be on the wall, said Van Conway, CEO of Detroit area turnaround firm Van Conway & Partners.

“The stock price kind of says it all,” Conway said. “It looks like they’re not gonna be able to cross the river here. Once you get under $2, it’s kind of pre-Chapter 11 (bankruptcy) pricing.”

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