INFINITY PHARMACEUTICALS, INC.: going-concern / distress — Infinity Pharmaceuticals files Chapter 11; all shares expected to be canceled

INFINITY PHARMACEUTICALS, INC.

Filed voluntary Chapter 11 petition in Delaware on Sept 29, 2023 (Case No. 23-11640).
Engaged Sonoran Capital Advisors and SSG Advisors for restructuring and potential asset sale.
Expects cancellation of all outstanding common stock without any payment or distribution.
Chair Adelene Perkins resigned from Board on Sept 28, 2023; not due to any disagreement.

item 1.03 item 5.02

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Adelene Perkins

Chair of the Board

INFINITY PHARMACEUTICALS, INC.

Effective: 2023-09-28
Filed: September 29, 2023, 7:59 PM ET

On September 28, 2023 and following approval by the Board of Directors (the “Board”) of the Company of the Chapter 11 filing and related actions, Adelene Perkins resigned from the Board effective immediately.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

INFINITY PHARMACEUTICALS, INC. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-09-29).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-09-29

Exact text from the filing

On September 29, 2023, after considering all strategic alternatives, Infinity Pharmaceuticals, Inc. (the “Company”) filed a voluntary petition for relief under the provisions of Chapter 11 of Title 11 of the United States Code (the “Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”). The bankruptcy case is being administered under the caption In re Infinity Pharmaceuticals, Inc., et al (Case No. 23-11640).

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Adelene Perkins resigned as Chair of the Board at INFINITY PHARMACEUTICALS, INC..

Action: resigned
Role: Chair of the Board

Exact text from the filing

On September 28, 2023 and following approval by the Board of Directors (the “Board”) of the Company of the Chapter 11 filing and related actions, Adelene Perkins resigned from the Board effective immediately.

View on SEC.gov

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Source: SEC EDGAR

accession 0001113148-23-000018

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