8-K
filed March 22, 2024, 7:59 PM ET
CIK 0001029744
other material
confidence high
sentiment negative
materiality 1.00
SONIC FOUNDRY INC: going-concern / distress — Sonic Foundry enters receivership; board resigns; shareholders likely get nothing
SONIC FOUNDRY INC
- On March 20, 2024, Sonic Foundry made an Assignment for Benefit of Creditors; receiver appointed by Dane County Circuit Court.
- All $7.0M principal, interest, fees under Burish Note become due; shareholders will not receive distributions.
- Directors Mozden, Murphy, St. Lawrence, Wiegand resigned immediately; no new directors to be appointed.
- Trading in company's securities during receivership is highly speculative; investors could suffer complete loss.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SONIC FOUNDRY INC faced acceleration on loan of $7.0 million with Mark Burish.
- Instrument
- loan
- Principal
- $7.0 million
- Counterparty
- Mark Burish
- Event
- acceleration
Exact text from the filing
As a result of such event of default, all amounts due under the Burish Note and Security Agreement automatically became due. The Company has approximately $7.0 million of principal, interest and fees outstanding under the Burish Note and Security Agreement.
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
SONIC FOUNDRY INC entered receivership in Dane County Circuit Court in Wisconsin (petition 2024-03-21).
- Proceeding
- receivership
- Court
- Dane County Circuit Court in Wisconsin
- Petition
- 2024-03-21
Exact text from the filing
On March 20, 2024, Sonic Foundry gave an Assignment for the Benefit of Creditors to an intended Receiver and the intended Receiver petitioned the Dane County Circuit Court in Wisconsin (the “Court”), to appoint himself as receiver (the “Receiver”) of all assets of Sonic Foundry, Inc. (the “Company”) on March 21, 2024.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Wiegand resigned as Director at SONIC FOUNDRY INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On March 20, 2024, each of Messrs. Mozden, Murphy, St. Lawrence and Wiegand resigned as members of the Board and as members of all committees effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mozden resigned as Director at SONIC FOUNDRY INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On March 20, 2024, each of Messrs. Mozden, Murphy, St. Lawrence and Wiegand resigned as members of the Board and as members of all committees effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
St. Lawrence resigned as Director at SONIC FOUNDRY INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On March 20, 2024, each of Messrs. Mozden, Murphy, St. Lawrence and Wiegand resigned as members of the Board and as members of all committees effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Murphy resigned as Director at SONIC FOUNDRY INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
On March 20, 2024, each of Messrs. Mozden, Murphy, St. Lawrence and Wiegand resigned as members of the Board and as members of all committees effective immediately.
View on SEC.gov
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