QualTek Services Inc.: Nasdaq/NYSE listing notice — QualTek files Chapter 11 bankruptcy, enters restructuring; Nasdaq delisting imminent

QualTek Services Inc.

Filed Chapter 11 on May 24, 2023; entered Restructuring Support Agreement with creditors and stockholders.
Existing equity holders will receive no recovery and expect a complete loss on their investment.
Plan includes $25M exit financing, new equity to creditors, and trade claims paid in ordinary course.
Nasdaq determined delisting; trading suspended June 2, 2023; company will not appeal.
Plan effective date targeted within 65 days of the filing.

item 1.01 item 1.03 item 2.04 item 3.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

QualTek Services Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-05-24).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-05-24

Exact text from the filing

On May 24, 2023 (the "Petition Date"), the Company Parties filed the Chapter 11 Cases in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court") and filed the Plan .

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

QualTek Services Inc. received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

Exchange: nasdaq
Notice: delisting notice
Rules: 5101, 5110(b), IM-5101-1

Exact text from the filing

May 24, 2023, the Company received written notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, as a result of the Chapter 11 Cases and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, Nasdaq had determined that the Company’s common stock will be delisted from Nasdaq. The Company does not intend to appeal this determination. Trading of the Company’s common stock will be suspended at the opening of business on June 2, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QualTek Services Inc. entered into Restructuring Support Agreement with certain creditors and stockholders (Consenting Creditors and Consenting Stockholders) (effective 2023-05-25).

Action: entry
Counterparty: certain creditors and stockholders (Consenting Creditors and Consenting Stockholders)
Effective: 2023-05-25

Exact text from the filing

On May 24, 2023, QualTek Services Inc. (the “Company”) and certain of its subsidiaries (collectively with the Company, the “Company Parties”) entered into a Restructuring Support Agreement (the “Restructuring Support Agreement”), which became effective on May 25, 2023, with certain of their creditors (the “Consenting Creditors”) and certain of the Company’s stockholders (the “Consenting Stockholders” and, together with the Consenting Creditors, the “Consenting Stakeholders”).

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Source: SEC EDGAR

accession 0001104659-23-066357

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