IronNet, Inc.: going-concern / distress — IronNet files Chapter 11 bankruptcy; lists $32M+ in debt obligations

IronNet, Inc.

IronNet and subsidiary filed Chapter 11 petitions on Oct 12, 2023 in Delaware.
Outstanding debt includes $7.55M to 3i, $15.475M to C5 affiliates, ~$8.475M to director-lenders, and $500K to Korr Acquisitions.
Bankruptcy filings triggered immediate acceleration of all principal and interest; enforcement stayed by Bankruptcy Code.
Ivona Smith elected as independent director with $30k/month fee; approved by Bankruptcy Court removal provisions.
Company warns trading in its securities is highly speculative; recovery may be zero.

item 1.03 item 2.04 item 5.02

Executive movements

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

Appointed

Ivona Smith

Independent Director

IronNet, Inc.

Effective: 2023-10-12
Filed: October 12, 2023, 7:59 PM ET

On October 10, 2023, Ivona Smith was elected as a director of the Board of the Company, effective upon the filing of the Chapter 11 Cases.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

IronNet, Inc. reported a default on convertible notes of senior unsecured convertible note in the principal amount of $7,553,333.33 with 3i, LP at not disclosed maturing September 15, 2022.

Instrument: convertible notes
Principal: senior unsecured convertible note in the principal amount of $7,553,333.33
Counterparty: 3i, LP
Rate: not disclosed
Maturity: September 15, 2022
Event: default

Exact text from the filing

including (collectively, the “ Outstanding Indebtedness ”): • the senior unsecured convertible note issued to 3i, LP (“ 3i ”) on September 15, 2022 in the principal amount of $7,553,333.33 and the other transaction documents entered into in connection therewith, including the Securities Purchase Agreement and Registration Rights Agreement dated September 14, 2022; •

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

IronNet, Inc. reported a default on loan of secured promissory notes in the aggregate principal amount of approximately $8,475,000 outstanding as of October 12, 202 with eight lenders including seven directors or entities affiliated with directors at not disclosed maturing not disclosed.

Instrument: loan
Principal: secured promissory notes in the aggregate principal amount of approximately $8,475,000 outstanding as of October 12, 202
Counterparty: eight lenders including seven directors or entities affiliated with directors
Rate: not disclosed
Maturity: not disclosed
Event: default

Exact text from the filing

the secured promissory notes issued in December 2022, April 2023, May 2023 and August 29, 2023 to a total of eight lenders, including seven lenders who are either directors of the Company or entities affiliated with directors of the Company in the aggregate principal amount of approximately $8,475,000 outstanding as of October 12, 2023, and the amended and restated security agreement related thereto

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

IronNet, Inc. reported a default on loan of secured promissory note in the aggregate principal amount of $500,000 outstanding as of October 12, 2023 with Korr Acquisitions Group, Inc. at not disclosed maturing not disclosed.

Instrument: loan
Principal: secured promissory note in the aggregate principal amount of $500,000 outstanding as of October 12, 2023
Counterparty: Korr Acquisitions Group, Inc.
Rate: not disclosed
Maturity: not disclosed
Event: default

Exact text from the filing

the secured promissory note dated July 21, 2023 issued to Korr Acquisitions Group, Inc. in the aggregate principal amount of $500,000 outstanding as of October 12, 2023

View on SEC.gov

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

IronNet, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-10-12).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-10-12

Exact text from the filing

On October 12, 2023 (the " Petition Date "), IronNet, Inc. (the " Company ") and its subsidiary, IronNet Cybersecurity, Inc. (collectively, the " Debtors "), filed voluntary petitions (the " Bankruptcy Petitions ") for reorganization under Chapter 11 of the United States Bankruptcy Code

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Ivona Smith was elected as Independent Director at IronNet, Inc..

Action: elected
Role: Independent Director

Exact text from the filing

On October 10, 2023, Ivona Smith was elected as a director of the Board of the Company, effective upon the filing of the Chapter 11 Cases.

View on SEC.gov

41 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-255052

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