--- schema_version: "secwatch.filing_event.v1" accession: "0000950170-22-022842" form_type: "8-K" ticker: null cik: "0001832351" company_name: "Fast Radius, Inc." filed_at: "2022-11-08T23:59:59+00:00" generated_at: "2026-06-22T04:30:09.905273+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Fast Radius files Chapter 11 bankruptcy; seeks sale of assets, reduces workforce 20% ## Summary - Filed Chapter 11 in Delaware on Nov 7, 2022; will operate as debtor-in-possession and pursue sale of assets via auction. - Reduced workforce by ~20% in November 2022; incurred ~$200k in severance expenses. - Retention agreements for CEO, President/Interim CFO, and COO with cash payments (~$41k, $31k, $29k) contingent on staying through Feb 1, 2023 or sale. - Debt accelerated under SVB credit agreements due to bankruptcy; enforcement stayed by Chapter 11. - Anticipates delisting from Nasdaq; will not hold Q3 2022 earnings call. ## SEC filing metadata - accession: 0000950170-22-022842 - form_type: 8-K - cik: 0001832351 - company_name: Fast Radius, Inc. - filed_at: 2022-11-08T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 2.04, 2.05, 5.02, 7.01, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/0000950170-22-022842-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/fsrd-20221104.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950170-22-022842 - JSON: https://secwatch.observer/filing/0000950170-22-022842.json - Plain text: https://secwatch.observer/filing/0000950170-22-022842.txt ## Key facts - Debt Financings Fast Radius, Inc. faced acceleration on credit facility of principal, accrued interest due thereunder and all other fees and expenses with Silicon Valley Bank. - Instrument: credit facility - Principal: principal, accrued interest due thereunder and all other fees and expenses - Counterparty: Silicon Valley Bank - Event: acceleration source text: The filing of the Bankruptcy Petitions constitutes an event of default that accelerated the obligations of the Company and certain of its subsidiaries under each of that certain (i) Loan and Security Agreement, dated as of December 29, 2020 (as amended or otherwise modified prior to the date hereof, the “SVB Credit Agreement”), by and between Fast Radius Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Fast Radius Operations”), and Silicon Valley Bank and (ii) Loan and Security Agreement, dated as of September 10, 2021 (as amended or otherwise modified prior to the date hereof, the “SVB Capital Credit Agreement” and, together with the SVB Credit Agreement, the “Credit Agreements”), by and between Fast Radius Operations and SVB Innovation Credit Fund VIII, L.P. evidence_url: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/0000950170-22-022842-index.htm - Debt Financings Fast Radius, Inc. faced acceleration on credit facility of principal, accrued interest due thereunder and all other fees and expenses with SVB Innovation Credit Fund VIII, L.P.. - Instrument: credit facility - Principal: principal, accrued interest due thereunder and all other fees and expenses - Counterparty: SVB Innovation Credit Fund VIII, L.P. - Event: acceleration source text: The filing of the Bankruptcy Petitions constitutes an event of default that accelerated the obligations of the Company and certain of its subsidiaries under each of that certain (i) Loan and Security Agreement, dated as of December 29, 2020 (as amended or otherwise modified prior to the date hereof, the “SVB Credit Agreement”), by and between Fast Radius Operations, Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Fast Radius Operations”), and Silicon Valley Bank and (ii) Loan and Security Agreement, dated as of September 10, 2021 (as amended or otherwise modified prior to the date hereof, the “SVB Capital Credit Agreement” and, together with the SVB Credit Agreement, the “Credit Agreements”), by and between Fast Radius Operations and SVB Innovation Credit Fund VIII, L.P. evidence_url: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/0000950170-22-022842-index.htm - Distress & Bankruptcy Fast Radius, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-11-07). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the District of Delaware - Petition: 2022-11-07 source text: On November 7, 2022, Fast Radius, Inc., a Delaware corporation (“Fast Radius” or the “Company”), together with its wholly-owned subsidiaries (the “Debtors”), filed voluntary petitions (collectively, the “Bankruptcy Petitions”) for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code. evidence_url: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/0000950170-22-022842-index.htm - Restructurings & Charges Fast Radius, Inc. announced a restructuring with charges of approximately $200,000 (approximately 20% of the Company’s workforce). - Type: restructuring - Charge: approximately $200,000 - Headcount: approximately 20% of the Company’s workforce source text: On November 3, 2022, the Company’s board of directors (the “Board”) approved a reduction in force of approximately 20% of the Company’s workforce in order to reduce the Company’s operating expenses. The reduction in force is part of the Company’s restructuring efforts. The Company expects the reduction in force to be substantially complete in November 2022. In connection with the reduction in force, the Company incurred approximately $200,000 in expenses, substantially all of which are related to employee severance and other termination benefits. evidence_url: https://www.sec.gov/Archives/edgar/data/1832351/000095017022022842/0000950170-22-022842-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.