Near Intelligence, Inc.: Nasdaq/NYSE listing notice — Near Intelligence files Chapter 11; stalking horse bid of $50M from Blue Torch; Nasdaq delisting

Near Intelligence, Inc.

Voluntarily filed Chapter 11 on Dec 8, 2023 in Delaware; company will operate as debtor-in-possession.
Stalking horse asset purchase agreement with Blue Torch for $50M credit bid: $16M DIP plus ≥$34M prepetition debt.
Secured $16M DIP financing from existing lenders (Blue Torch); available in interim ($5M) and final ($11M) tranches.
Outstanding prepetition obligations: $76.7M under Financing Agreement, ~$17M convertible debentures, plus other notes.
Stock and warrants to be delisted from Nasdaq as of Dec 19, 2023; expected to trade OTC under symbols NIRQ and NIRWWQ.

item 1.01 item 1.03 item 2.04 item 2.03 item 3.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.97

Near Intelligence, Inc. received a nasdaq delisting notice notice regarding other (rules 5101, 5110(b), IM-5101-1).

Exchange: nasdaq
Notice: delisting notice
Rules: 5101, 5110(b), IM-5101-1

Exact text from the filing

December 8, 2023, the Company received written notice (the “ Delisting Notice ”) from the staff of The Nasdaq Stock Market LLC (“ Nasdaq ”) notifying the Company that, as a result of the Bankruptcy Petitions and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the staff of Nasdaq had determined that the Company’s common stock and warrants (the “ Securities ”) will be delisted from Nasdaq. In the Delisting Notice, the staff of Nasdaq referenced concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq and public interest

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Source: SEC EDGAR

accession 0001213900-23-094534

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