---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-036588"
form_type: "8-K"
ticker: null
cik: "0001445499"
company_name: "IMPEL PHARMACEUTICALS INC"
filed_at: "2024-02-14T23:59:59+00:00"
generated_at: "2026-06-06T02:13:15.661588+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Impel completes asset sale to JN Bidco for $17.5M cash; CEO departs

## Summary
- Closed sale of substantially all assets to JN Bidco LLC for $17.5M upfront cash plus contingent earnout based on net sales/licensing fees.
- Len Paolillo resigned as Interim CEO effective Feb 12, 2024; entered consulting agreement at $500/hr through June 30, 2024.
- Company remains in Chapter 11; stock delisted from Nasdaq, trades on OTC Pink under IMPLQ.

## SEC filing metadata
- accession: 0001193125-24-036588
- form_type: 8-K
- cik: 0001445499
- company_name: IMPEL PHARMACEUTICALS INC
- filed_at: 2024-02-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.01, 1.03, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1445499/000119312524036588/0001193125-24-036588-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1445499/000119312524036588/d769501d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-036588
- JSON: https://secwatch.observer/filing/0001193125-24-036588.json
- Plain text: https://secwatch.observer/filing/0001193125-24-036588.txt

## Key facts
- Executive change
  Len Paolillo resigned as Interim Chief Executive Officer at IMPEL PHARMACEUTICALS INC.
  - Action: resigned
  - Role: Interim Chief Executive Officer
  source text: Len Paolillo departed as the Company’s Interim Chief Executive Officer on February 12, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1445499/000119312524036588/0001193125-24-036588-index.htm
- M&A Transactions
  IMPEL PHARMACEUTICALS INC completed a disposition involving JN Bidco LLC for $17,500,000 in cash at the closing of the transactions and (ii) an additional amount in cash based on certain net sales and licensing fees generated by certain (closed 2024-02-12).
  - Action: disposition
  - Counterparty: JN Bidco LLC
  - Consideration: $17,500,000 in cash at the closing of the transactions and (ii) an additional amount in cash based on certain net sales and licensing fees generated by certain
  - Closing: 2024-02-12
  source text: Horse APA ”) with JN Bidco LLC (the “ Bidder ”) to sell substantially all of the assets of the Company (the “ Company Assets ,” and such sale, the “ Asset Sale ”) for (i) $17,500,000 in cash at the closing of the transactions and (ii) an additional amount in cash based on certain net sales and licensing fees generated by certain of the Company Assets, subject
  evidence_url: https://www.sec.gov/Archives/edgar/data/1445499/000119312524036588/0001193125-24-036588-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.