Shares for the American synthetic biotech firm, Amyris (NASDAQ:AMRS), have significantly dropped, nearly 70% in premarket trade to 10 cents.

Amyris has filed for Chapter 11 bankruptcy in an American court, with non-U.S.

entities not being included in this process.

The company announced its intention to divest its consumer brands, with plans to start marketing them for sale.

Amyris stated that it will persist in operating its consumer brands as the sale proceeds.

They have also secured a commitment for $190 million to maintain their day-to-day operations.

As of the most recent closing, the company’s share value has dropped by 77.6% since the start of the year.

Amyris (NASDAQ:AMRS) is a U.S.-based biotechnology firm that specializes in synthetic biology.