secwatch.observer — SEC 8-K summary
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Issuer:     IronNet, Inc. (—)
CIK:        0001777946
Form:       8-K
Filed at:   2023-07-12T23:59:59+00:00
Accession:  0000950170-23-032607
Event type: m_and_a
Sentiment:  negative
Materiality: 0.90
Item codes: 1.01, 5.02, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IronNet enters take-private deal with C5 affiliate; CEO replaced; warns cash may run out by end-July
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- C5 CC Ferrous to provide up to $15.48M pre-closing funding; first tranche of $1.75M received.
- CEO Keith Alexander resigns, remains Chairman; Linda Zecher appointed CEO and director; Cameron Pforr named President.
- Company expects existing cash will not meet operating needs beyond July 2023; may need to file for bankruptcy.
- Post-closing, JV to provide up to $51M additional financing; company to pursue stock split and delisting from NYSE.
- Pre-closing notes are senior secured convertibles at 12% interest; conversion rate at 70% of trading price.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1777946/000095017023032607/0000950170-23-032607-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1777946/000095017023032607/irnt-20230711.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-032607

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