VBI Vaccines Inc/BC: going-concern / distress — VBI Vaccines files for bankruptcy restructuring under CCAA and Chapter 15; Nasdaq delisting effective Aug 8

VBI Vaccines Inc/BC

Received provisional relief under Chapter 15 on Aug 2, 2024; further hearing scheduled for recognition of CCAA order.
Nasdaq notified delisting effective Aug 8, 2024; company will not appeal.
Delisting based on noncompliance with minimum stockholders' equity and bid price rules.
Expects to cease reporting as a public company; no plans to list elsewhere.
Ernst & Young appointed as monitor in CCAA proceedings and sale solicitation process.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

VBI Vaccines Inc/BC entered chapter 15 in United States Bankruptcy Court for the District of Delaware (petition 2024-08-02).

Proceeding: chapter 15
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-08-02

Exact text from the filing

On August 2, 2024, the United States Bankruptcy Court for the District of Delaware granted provisional relief under Chapter 15 of the U.S. Bankruptcy Code, and scheduled a further hearing to consider the recognition of the July 30, 2024, Ontario Superior Court of Justice (Commercial List) order, which granted VBI Vaccines Inc. (the “ Company ”) protection under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended.

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Source: SEC EDGAR

accession 0001493152-24-030073

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