--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-150484" form_type: "8-K" ticker: null cik: "0001300699" company_name: "Athenex, Inc." filed_at: "2023-05-22T23:59:59+00:00" generated_at: "2026-06-14T18:02:27.054622+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Athenex files Chapter 11, plans expedited asset sale; cuts 140 jobs, Nasdaq delisting ## Summary - Filed voluntary Chapter 11 petition on May 14, 2023 in Southern District of Texas. - Reached agreement with secured lenders for use of cash collateral; expedited asset sale to conclude by July 1, 2023. - Terminated about 140 employees (67% of workforce) effective May 12, 2023; $1.3M severance charge. - Nasdaq delisting notice received; trading suspended from opening May 25, 2023; no appeal. - Appointed Joe Annoni as Asst. Chief Restructuring Officer, CFO salary raised to $360,000; CEO salary cut to $162,500. ## SEC filing metadata - accession: 0001193125-23-150484 - form_type: 8-K - cik: 0001300699 - company_name: Athenex, Inc. - filed_at: 2023-05-22T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 2.04, 2.05, 3.01, 5.02, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/d470846d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-150484 - JSON: https://secwatch.observer/filing/0001193125-23-150484.json - Plain text: https://secwatch.observer/filing/0001193125-23-150484.txt ## Key facts - Debt Financings Athenex, Inc. faced acceleration on credit facility of an aggregate outstanding principal amount of approximately $41.875 million with Oaktree Fund Administration, LLC. - Instrument: credit facility - Principal: an aggregate outstanding principal amount of approximately $41.875 million - Counterparty: Oaktree Fund Administration, LLC - Event: acceleration source text: The filing of the Chapter 11 Case constituted an event of default that accelerated the Company’s obligations under certain agreements relating to direct financial obligations of the Company, including: • the senior secured loan agreement dated as of June 19, 2020, as amended from time to time, with Oaktree Fund Administration, LLC, as administrative agent, and the lenders party thereto (the “Senior Credit Agreement”), with respect to an aggregate outstanding principal amount of approximately $41.875 million evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - Debt Financings Athenex, Inc. faced acceleration on debt with affiliates of Sagard Healthcare Partners and funds managed by Oaktree Capital Management, L.P.. - Counterparty: affiliates of Sagard Healthcare Partners and funds managed by Oaktree Capital Management, L.P. - Event: acceleration source text: the revenue interest purchase agreement, dated as of June 21, 2022, between the Company and ATNX SPV, LLC, on the one hand, and affiliates of Sagard Healthcare Partners and funds managed by Oaktree Capital Management, L.P., on the other hand. evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - Distress & Bankruptcy Athenex, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-05-14). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the Southern District of Texas - Petition: 2023-05-14 source text: On May 14, 2023 (the “Petition Date”), Athenex, Inc. (the “Company”) together with certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (the “Code”) with the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - Listing & Compliance Notices Athenex, 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 source text: May 16, 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 Case and in accordance with Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1, the Nasdaq staff 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 May 25, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - Executive change Joe Annoni was appointed as Assistant Chief Restructuring Officer at Athenex, Inc.. - Action: appointed - Role: Assistant Chief Restructuring Officer source text: On May 12, 2023, the Board appointed Joe Annoni to serve as the Company’s Assistant Chief Restructuring Officer in addition to his duties as Chief Financial Officer. evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm - Restructurings & Charges Athenex, Inc. announced a restructuring with charges of approximately $1.3 million (approximately 140 employees, or approximately 67% of the Company’s current employees). - Type: restructuring - Charge: approximately $1.3 million - Headcount: approximately 140 employees, or approximately 67% of the Company’s current employees source text: On May 9, 2023, the Company’s board of directors ("Board") authorized the termination of approximately 140 employees, or approximately 67% of the Company’s current employees, effective May 12, 2023 and restructured the Company’s operations to maintain a transition team of approximately 68 employees to continue operations in connection with the Chapter 11 Case. The Company recorded a one-time charge of approximately $1.3 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees. evidence_url: https://www.sec.gov/Archives/edgar/data/1300699/000119312523150484/0001193125-23-150484-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.