8-K
filed October 11, 2024, 7:59 PM ET
ticker ZPTA
CIK 0001843714
other material
confidence high
sentiment negative
materiality 1.00
Zapata Computing halts operations, terminates staff; CEO resigns; no value for stockholders
Zapata Quantum, Inc.
- Board approved cessation of operations; all employees terminated except a few to wind down.
- CEO Christopher Savoie resigned effective Oct 7; CFO Sumit Kapur appointed as CEO.
- Company owes ~$2.3M in secured notes and additional $2.5M to Sandia; assets insufficient to pay obligations.
- Company believes no assets will remain for common stockholders; does not expect to file for bankruptcy.
- Trigger event under Forward Purchase Agreement accelerated; company must pay Sandia up to $2.5M.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christopher Savoie resigned as Director at Zapata Quantum, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On October 7, 2024, Christopher Savoie resigned as President and Chief Executive Officer of the Company, as well as a member of the board of directors of the Company, in each case effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christopher Savoie resigned as President and Chief Executive Officer at Zapata Quantum, Inc..
- Action
- resigned
- Role
- President and Chief Executive Officer
Exact text from the filing
On October 7, 2024, Christopher Savoie resigned as President and Chief Executive Officer of the Company, as well as a member of the board of directors of the Company, in each case effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Yudong Cao departed as Chief Technology Officer at Zapata Quantum, Inc..
- Role
- Chief Technology Officer
Exact text from the filing
Effective October 9, 2024, the Company determined that Yudong Cao, the Company’s Chief Technology Officer, will serve in that role until October 16, 2024, following which he will continue to assist the Company on a part-time basis, as needed.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sumit Kapur was appointed as Chief Executive Officer at Zapata Quantum, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
The board of directors of the Company has appointed Sumit Kapur, the Company’s Chief Financial Officer, to serve as the Chief Executive Officer and principal executive officer, effective immediately.
View on SEC.gov
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