--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-255052" form_type: "8-K" ticker: null cik: "0001777946" company_name: "IronNet, Inc." filed_at: "2023-10-12T23:59:59+00:00" generated_at: "2026-06-10T00:51:54.490418+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # IronNet files Chapter 11 bankruptcy; lists $32M+ in debt obligations ## Summary - 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. ## SEC filing metadata - accession: 0001193125-23-255052 - form_type: 8-K - cik: 0001777946 - company_name: IronNet, Inc. - filed_at: 2023-10-12T23:59:59+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, 5.02 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/d549915d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-255052 - JSON: https://secwatch.observer/filing/0001193125-23-255052.json - Plain text: https://secwatch.observer/filing/0001193125-23-255052.txt ## Key facts - Debt Financings 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 source text: 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; • evidence_url: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm - Debt Financings 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm - Distress & Bankruptcy 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm - Executive change Ivona Smith was elected as Independent Director at IronNet, Inc.. - Action: elected - Role: Independent Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1777946/000119312523255052/0001193125-23-255052-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.