Zynex files Chapter 11; $60M notes default; $22.3M DIP from lenders

ZYNEX INC

Filed Chapter 11 petitions on Dec 15, 2025; $60M 5% convertible notes due 2026 triggered default.
Restructuring support agreement with 80% of noteholders; $22.3M DIP facility at 10% interest.
DIP lenders include CEO Steven Dyson ($2M) and noteholders; stalking horse bid set for asset sale.
Milestones: bid deadline 75 days, auction 90 days, emergence 105 days post-petition.
Company expects equity holders to experience significant loss; operations continue normally.

item 1.01 item 1.03 item 2.04 item 7.01 item 9.01

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accession 0001104659-25-121390

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