RVL Pharmaceuticals plc: Nasdaq/NYSE listing notice — RVL Pharmaceuticals subsidiaries file Chapter 11; parent to wind down; equity expected worthless

RVL Pharmaceuticals plc

Three indirect subsidiaries filed voluntary Chapter 11 on Oct 12, 2023; parent RVL PLC not in bankruptcy but plans wind-down.
Prepackaged plan: Athyrium Capital Management to exchange debt for 97.5% of NewCo equity; SPA rejection claims get 2.5%.
DIP financing of up to $17.5M from Athyrium, with $7.5M available upon interim order approval; minimum liquidity $2.5M.
Nasdaq delisting notice received Oct 12; trading suspended Oct 23, 2023; no appeal planned.
All RVL PLC ordinary shares expected to be cancelled upon wind-down completion by end of 2024, likely no recovery.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

RVL Pharmaceuticals plc entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-10-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-10-12

Exact text from the filing

filed voluntary petitions (Case No. 23-11704 (BLS)) (the “Chapter 11 Cases”) for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

RVL Pharmaceuticals plc 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

October 12, 2023, RVL PLC received written notice (the “Delisting Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying RVL PLC 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 RVL PLC’s Ordinary Shares will be delisted from Nasdaq. RVL PLC does not intend to appeal this determination. Trading of RVL PLC’s Ordinary Shares will be suspended at the opening of business on October 23, 2023, and Nasdaq will file a Form 25-NSE with the Securities and Exchange

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Source: SEC EDGAR

accession 0001104659-23-109105

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