secwatch.observer — SEC 8-K summary
======================================

Issuer:     ID Auto, Inc. (—)
CIK:        0001698113
Form:       8-K
Filed at:   2024-02-09T23:59:59+00:00
Accession:  0001213900-24-012143
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PARTS iD bankruptcy court confirms prepackaged plan; existing equity cancelled, company to go private
--------------------------------------------------------------------------------

- Plan Sponsor Fifth Star will purchase $26M of New Preferred Stock; existing common stock cancelled and deregistered.
- Senior Secured Note Claims to receive aggregate cash of $4.2245M; Vendor Claims get 25% cash plus 30% over 36 months.
- Existing board replaced; Sam Yagan named sole director of reorganized PARTS iD; current officers continue.
- Plan effective date expected on or before February 16, 2024; company will cease to be publicly traded.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698113/000121390024012143/0001213900-24-012143-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698113/000121390024012143/ea193297-8k_partsid.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-012143

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer