secwatch.observer — SEC 8-K summary
======================================

Issuer:     SURGALIGN HOLDINGS, INC. (—)
CIK:        0001760173
Form:       8-K
Filed at:   2023-06-20T23:59:59+00:00
Accession:  0001193125-23-169695
Event type: regulatory
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 1.03, 2.04, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Surgalign files Chapter 11, agrees to sell assets to Xtant for $5M cash
-----------------------------------------------------------------------

- Filed Chapter 11 in Southern District of Texas on June 19, 2023; seeks sale of assets under section 363.
- Entered Asset Purchase Agreement with Xtant Medical Holdings for $5M cash; Xtant is stalking horse bidder.
- Debt instruments with $10.2M aggregate principal (Dearborn and Neva) triggered default; enforcement stayed.
- Company warns common stock could experience significant or complete loss depending on Chapter 11 outcome.
- Filed first-day motions to ensure normal operations; believes sufficient liquidity to fund proceedings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/0001193125-23-169695-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1760173/000119312523169695/d713202d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-169695

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