secwatch.observer — SEC 8-K summary
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Issuer:     ProSomnus, Inc. (—)
CIK:        0001934064
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001104659-24-058473
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.03, 2.04, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ProSomnus files Chapter 11, expects equity holders to receive no recovery under pre-negotiated plan
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- Filed voluntary Chapter 11 petitions on May 7, 2024 to implement pre-negotiated restructuring plan.
- Restructuring Support Agreement provides up to $20M in new capital, including $7M DIP loans and $9M equity raise.
- Existing debt of $41.7M principal and $856K interest accelerated; payments stayed by bankruptcy.
- Equity holders expected to receive no recovery; common stock now trades OTC under symbol OSAP.
- Plan confirmation expected within 90 days; DIP facility due Nov 7, 2024 at prime plus 9% interest.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1934064/000110465924058473/0001104659-24-058473-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1934064/000110465924058473/tm2413824d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-058473

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer