CalAmp Corp.: going-concern / distress — CalAmp files Chapter 11, plans to convert $229M debt to equity and go private

CalAmp Corp.

Restructuring Support Agreement with Lynrock to convert ~$229M convertible notes into equity; company to go private.
Filed Chapter 11 on June 3, 2024; prepackaged plan expects prompt emergence with reduced debt.
Existing common stock, warrants, and options to be cancelled; equity holders face potential total loss.
Jill Frizzley appointed to Board and as sole member of Special Committee to handle conflict matters.
Operations continue normally; Lynrock becomes principal equity owner, interest savings to fund innovation.

item 1.01 item 8.01 item 1.03 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Jill Frizzley

Director

CalAmp Corp.

Effective: 2024-05-22
Filed: June 3, 2024, 7:59 PM ET

On May 22, 2024, Jill Frizzley was appointed to the Company’s Board of Directors (the “Board”).

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

CalAmp Corp. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-06-03).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-06-03

Exact text from the filing

On June 3, 2024 (the “Petition Date”), CalAmp and its wholly-owned subsidiaries, CalAmp Wireless Networks Corporation, LoJack Global LLC and Synovia Solutions LLC (collectively, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) for relief under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jill Frizzley was appointed as Director at CalAmp Corp..

Action: appointed
Role: Director

Exact text from the filing

On May 22, 2024, Jill Frizzley was appointed to the Company’s Board of Directors (the “Board”).

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-24-067683

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