GRESHAM WORLDWIDE, INC.: going-concern / distress — Gresham Worldwide files Ch. 11; Ault merger terminated; $2M note default; CEO resigns then reappointed

GRESHAM WORLDWIDE, INC.

Filed Chapter 11 bankruptcy in Arizona on Aug 14, 2024; automatic stay halts non-judicial foreclosure on collateral.
Ault Disruptive Technologies terminated merger agreement on Aug 15 due to bankruptcy filing, citing Terminating Company Breach.
Received default notice on $2M senior secured convertible notes; Arena Investors demands immediate payment; lawsuit in NY state court.
Arena triggered forced resignation of CEO Jonathan Read on Aug 12; Board reappointed him on Aug 13 effective immediately.

item 1.02 item 1.03 item 2.04 item 5.02

Executive movements

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

Appointed

Jonathan Read

Chief Executive Officer and director

GRESHAM WORLDWIDE, INC.

Effective: 2024-08-13
Filed: August 16, 2024, 7:59 PM ET

On August 13, 2024, the Company’s Board of Directors reappointed Jonathan Read as the Company’s Chief Executive Officer, effective immediately, and as a director following the meeting of the Board of Directors held that day.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

GRESHAM WORLDWIDE, INC. entered chapter 11 in U.S. Bankruptcy Code for the District of Arizona (petition 2024-08-14).

Proceeding: chapter 11
Court: U.S. Bankruptcy Code for the District of Arizona
Petition: 2024-08-14

Exact text from the filing

On August 14, 2024, the Company filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code for the District of Arizona.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jonathan Read was appointed as Chief Executive Officer and director at GRESHAM WORLDWIDE, INC..

Action: reappointed
Role: Chief Executive Officer and director

Exact text from the filing

On August 13, 2024, the Company’s Board of Directors reappointed Jonathan Read as the Company’s Chief Executive Officer, effective immediately, and as a director following the meeting of the Board of Directors held that day.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-24-098113

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