American Virtual Cloud Technologies, Inc.: Nasdaq/NYSE listing notice — AVCT files Chapter 11 bankruptcy; Nasdaq notice for late annual meeting

American Virtual Cloud Technologies, Inc.

Filed voluntary Chapter 11 petitions in Delaware on Jan 11, 2023; subsidiaries AVCtechnologies USA and Kandy Communications included.
Company to operate as debtor-in-possession; retained Northland Capital for strategic options and SOLIC Capital for restructuring support.
Equity holders likely receive little or no recovery; company may sell assets in the Chapter 11 process.
Received Nasdaq deficiency notice on Jan 6, 2023 for failure to hold annual meeting; must submit plan by Feb 20, 2023.
Nasdaq may grant up to 180-day extension to June 29, 2023 to regain compliance; securities continue trading while plan reviewed.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

American Virtual Cloud Technologies, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-01-11).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-01-11

Exact text from the filing

On January 11, 2023, American Virtual Cloud Technologieas, Inc. (the “Company”) and two of its subsidiaries, AVCtechnologies USA, Inc. and Kandy Communications, LLC (together with the Company, the “Debtors”) filed voluntary petitions (the “Bankruptcy Petitions”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (such court, the “Court” and such cases, the “Cases”).

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

American Virtual Cloud Technologies, Inc. received a nasdaq deficiency notice notice regarding shareholders (rules 5620(a)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: shareholders
Rules: 5620(a)

Exact text from the filing

January 6, 2023, the Company received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that the Company is not in compliance with Listing Rule 5620(a), due to the Company’s failure to hold an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year end. The Notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the NASDAQ Capital Market. The Notice states that the Company has until Febru

View on SEC.gov

Browse all distress & bankruptcy →

Source: SEC EDGAR

accession 0001213900-23-002136

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.