8-K
filed May 28, 2024, 7:59 PM ET
CIK 0001628945
other material
confidence high
sentiment negative
materiality 1.00
Cue Health Inc.: going-concern / distress — Cue Health files for Chapter 7 bankruptcy, terminates all employees and directors
Cue Health Inc.
- Filed voluntary Chapter 7 bankruptcy petition on May 28; company will be liquidated by court-appointed trustee.
- Terminated all employees, CEO Clint Sever, CBO Chris Achar, and CAO Randall Pollard on May 24; all directors resigned.
- Received Nasdaq delisting notice for late Q1 filing; company does not intend to submit compliance plan.
- Q1 2024 total revenue $10.1M, down 59% YoY; net loss $49.5M ($0.31 per share).
- Cash and equivalents $40.2M as of March 31, 2024, down from $80.9M at year-end 2023.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
Cue Health Inc. entered chapter 7 in United States Bankruptcy Court for the District of Delaware (petition 2024-05-28).
- Proceeding
- chapter 7
- Court
- United States Bankruptcy Court for the District of Delaware
- Petition
- 2024-05-28
Exact text from the filing
On May 28, 2024, after considering all strategic alternatives, the Company filed a voluntary petition for relief (the “Petition”) under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Clint Sever was terminated as Chief Executive Officer and Co-Founder at Cue Health Inc..
- Action
- terminated
- Role
- Chief Executive Officer and Co-Founder
Exact text from the filing
As of May 24, 2024, the Company terminated all of its employees and executive officers, including Chief Executive Officer and Co-Founder Clint Sever, Chief Business Officer Chris Achar and Chief Accounting Officer Randall Pollard.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Randall Pollard was terminated as Chief Accounting Officer at Cue Health Inc..
- Action
- terminated
- Role
- Chief Accounting Officer
Exact text from the filing
As of May 24, 2024, the Company terminated all of its employees and executive officers, including Chief Executive Officer and Co-Founder Clint Sever, Chief Business Officer Chris Achar and Chief Accounting Officer Randall Pollard.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Carole Faig resigned as Director at Cue Health Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On May 24, 2024, each of the members of the Company’s board of directors, Chris Achar, Joanne Bradford, Carole Faig, Josh Ghaim, Sachin Jain and Maria Martinez (together, the “Remaining Directors”), provided notice of his or her resignation from the Board and all committees thereof, effective upon the Company’s submission of the Petition.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Josh Ghaim resigned as Director at Cue Health Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On May 24, 2024, each of the members of the Company’s board of directors, Chris Achar, Joanne Bradford, Carole Faig, Josh Ghaim, Sachin Jain and Maria Martinez (together, the “Remaining Directors”), provided notice of his or her resignation from the Board and all committees thereof, effective upon the Company’s submission of the Petition.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Maria Martinez resigned as Director at Cue Health Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On May 24, 2024, each of the members of the Company’s board of directors, Chris Achar, Joanne Bradford, Carole Faig, Josh Ghaim, Sachin Jain and Maria Martinez (together, the “Remaining Directors”), provided notice of his or her resignation from the Board and all committees thereof, effective upon the Company’s submission of the Petition.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Joanne Bradford resigned as Director at Cue Health Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On May 24, 2024, each of the members of the Company’s board of directors, Chris Achar, Joanne Bradford, Carole Faig, Josh Ghaim, Sachin Jain and Maria Martinez (together, the “Remaining Directors”), provided notice of his or her resignation from the Board and all committees thereof, effective upon the Company’s submission of the Petition.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Sachin Jain resigned as Director at Cue Health Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
On May 24, 2024, each of the members of the Company’s board of directors, Chris Achar, Joanne Bradford, Carole Faig, Josh Ghaim, Sachin Jain and Maria Martinez (together, the “Remaining Directors”), provided notice of his or her resignation from the Board and all committees thereof, effective upon the Company’s submission of the Petition.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Chris Achar was terminated as Chief Business Officer at Cue Health Inc..
- Action
- terminated
- Role
- Chief Business Officer
Exact text from the filing
As of May 24, 2024, the Company terminated all of its employees and executive officers, including Chief Executive Officer and Co-Founder Clint Sever, Chief Business Officer Chris Achar and Chief Accounting Officer Randall Pollard.
View on SEC.gov
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