8-K
filed June 14, 2023, 7:59 PM ET
CIK 0001444307
other material
confidence high
sentiment negative
materiality 1.00
ONCOSEC MEDICAL Inc: going-concern / distress — OncoSec Medical files Chapter 7 bankruptcy; board and CEO resign; $2M note accelerated
ONCOSEC MEDICAL Inc
- Company filed voluntary Chapter 7 petition on June 14, 2023, in New Jersey Bankruptcy Court.
- Chapter 7 trustee will be appointed to liquidate assets and administer the bankruptcy estate.
- Subsidiary OncoSec Medical Australia Pty Ltd expects to wind down via creditors' voluntary liquidation.
- Filing triggered default under $2M convertible note with Grand Decade Developments, accelerating principal and interest.
- Entire 7-member board resigned and CEO Robert Arch resigned immediately after filing; no officers remain.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
ONCOSEC MEDICAL Inc faced acceleration on convertible notes of $2,000,000 with Grand Decade Developments Limited.
- Instrument
- convertible notes
- Principal
- $2,000,000
- Counterparty
- Grand Decade Developments Limited
- Event
- acceleration
Exact text from the filing
the Petition filing with the Bankruptcy Court on June 14, 2023, constituted an event of default under the Convertible Promissory Note and Security Agreement, dated November 25, 2022 (the “Note”), by and between the Company and Grand Decade Developments Limited, a British Virgin Islands limited company and a wholly owned subsidiary of Grand Pharmaceutical Group Limited (“GDDL”), which event of default resulted in the acceleration of the outstanding principal amount of $2,000,000 and all interest accrued to date under the Note
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
ONCOSEC MEDICAL Inc entered chapter 7 in United States Bankruptcy Court for the District of New Jersey (petition 2023-06-14).
- Proceeding
- chapter 7
- Court
- United States Bankruptcy Court for the District of New Jersey
- Petition
- 2023-06-14
Exact text from the filing
OncoSec Medical Incorporated, a Nevada corporation (the “Company”), filed a voluntary petition for relief (the “Petition”) under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Code”) in the United States Bankruptcy Court for the District of New Jersey (the “Bankruptcy Court”) on June 14, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kevin Smith resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Chao Zhou resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Linda Shi resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Stephany Foster resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joon Kim resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
H. Kim Lyerly resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert Arch resigned as President and Chief Executive Officer at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- President and Chief Executive Officer
Exact text from the filing
In addition to his resignation from the Company’s Board of Directors, Dr. Arch tendered his resignation as the Company’s President and Chief Executive Officer effective on June 14, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert Arch resigned as Member of the Board of Directors at ONCOSEC MEDICAL Inc.
- Action
- resigned
- Role
- Member of the Board of Directors
Exact text from the filing
Dr. Linda Shi, Dr. Robert Arch, Stephany Foster, Joon Kim, Dr. H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations as members of the Company’s Board of Directors which resignations were effective on June 14, 2023
View on SEC.gov
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