ATECH (PARENT) RESOLUTION CORP.: going-concern / distress — Akoustis files Chapter 11 after $58M Qorvo judgement; stalking horse asset sale for $10M

ATECH (PARENT) RESOLUTION CORP.

Filed Chapter 11 in Delaware on Dec 16, 2024; expects no recovery for common equity holders.
Stalking horse agreement with Gordon Brothers for $10M to purchase certain assets; subject to higher bids.
Filing triggered by $58M final judgement to Qorvo for trade secret misappropriation and patent infringement.
$44M in 6% convertible notes due 2027 accelerated; all debt obligations automatically stayed.
Annual meeting cancelled; Company to continue operations during sale process.

item 1.01 item 1.03 item 2.04 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

ATECH (PARENT) RESOLUTION CORP. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-12-16).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-12-16

Exact text from the filing

On December 16, 2024 (the “ Petition Date ”), Akoustis Technologies, Inc. (the “ Company ”) and certain of its subsidiaries (such subsidiaries, together with the Company, the “ Debtors ”) each filed a voluntary petition for relief (collectively, the “ Bankruptcy Petitions ”) under chapter 11 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) with the United States Bankruptcy Court for the District of Delaware (such court, the “ Court ” and such chapter 11 cases, the “ Cases ”).

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Source: SEC EDGAR

accession 0001213900-24-109364

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