8-K
filed July 17, 2023, 7:59 PM ET
CIK 0001597313
other material
confidence high
sentiment negative
materiality 0.95
ViewRay, Inc.: going-concern / distress — ViewRay files Chapter 11, secures $6M DIP financing; CEO and board replaced
ViewRay, Inc.
- Filed Chapter 11 on July 16, 2023; intends to sell substantially all assets under Section 363.
- Secured $6M debtor-in-possession financing from MidCap Financial to support operations.
- CEO Scott Drake terminated without cause; Paul Ziegler appointed CEO and to the board.
- Directors Phillip Spencer and Gail Wilensky resigned; board reduced from 9 to 7 members.
- About $57.5M in debt accelerated upon bankruptcy filing; interim CFO and other changes.
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
ViewRay, Inc. faced acceleration on credit facility of $57.5 million with Midcap Funding IV Trust, as agent, MidCap Financial Trust, as term loan servicer, Silicon Valley Bank and MidCap Financial Trust, as co-lead arrangers.
- Instrument
- credit facility
- Principal
- $57.5 million
- Counterparty
- Midcap Funding IV Trust, as agent, MidCap Financial Trust, as term loan servicer, Silicon Valley Bank and MidCap Financial Trust, as co-lead arrangers
- Event
- acceleration
Exact text from the filing
institutions party thereto from time to time as lenders (the “Credit, Security and Guaranty Agreement”). As of the Petition Date, the Debtors had an aggregate of approximately $57.5 million in outstanding principal under and accrued interest under the Credit, Security and Guaranty Agreement.
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
ViewRay, Inc. entered chapter 11 in U.S. Bankruptcy Court for the District of Delaware (petition 2023-07-16).
- Proceeding
- chapter 11
- Court
- U.S. Bankruptcy Court for the District of Delaware
- Petition
- 2023-07-16
Exact text from the filing
On July 16, 2023 (the “Petition Date”), ViewRay, Inc. (the “Company”) and its subsidiary, ViewRay Technologies, Inc. (together with the Company, the “Debtors”), filed voluntary petitions for relief (the “Petitions”) under Chapter 11 of Title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Phillip M. Spencer resigned as Director at ViewRay, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Phillip M. Spencer and Gail Wilensky, Ph.D., advised the Board of Directors (the “Board”) of the Company of their resignations from the Board, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul Ziegler was appointed as Chief Executive Officer at ViewRay, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
the Company appointed Paul Ziegler as CEO
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Paul Ziegler was appointed as Class II Director at ViewRay, Inc..
- Action
- appointed
- Role
- Class II Director
Exact text from the filing
the Board appointed Mr. Ziegler as a Class II director
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Gail Wilensky resigned as Director at ViewRay, Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Phillip M. Spencer and Gail Wilensky, Ph.D., advised the Board of Directors (the “Board”) of the Company of their resignations from the Board, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Adam Podbelski was appointed as Senior Vice President, Commercial Operations at ViewRay, Inc..
- Action
- appointed
- Role
- Senior Vice President, Commercial Operations
Exact text from the filing
Adam Podbelski as Senior Vice President (“SVP”), Commercial Operations of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cassie Mahar was appointed as Interim Chief Financial Officer at ViewRay, Inc..
- Action
- appointed
- Role
- Interim Chief Financial Officer
Exact text from the filing
Cassie Mahar, currently VP of Accounting and Corporate Controller, to serve as the Company's interim CFO
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jake Signoriello was terminated as Interim Chief Financial Officer at ViewRay, Inc..
- Action
- terminated
- Role
- Interim Chief Financial Officer
Exact text from the filing
the employments of Scott Drake as Chief Executive Officer (“CEO”), Jake Signoriello as Interim Chief Financial Officer (“CFO”) and Robert McCormack as Chief Legal Officer of the Company were terminated.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert McCormack was terminated as Chief Legal Officer at ViewRay, Inc..
- Action
- terminated
- Role
- Chief Legal Officer
Exact text from the filing
the employments of Scott Drake as Chief Executive Officer (“CEO”), Jake Signoriello as Interim Chief Financial Officer (“CFO”) and Robert McCormack as Chief Legal Officer of the Company were terminated.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Scott Drake was terminated as Chief Executive Officer at ViewRay, Inc..
- Action
- terminated
- Role
- Chief Executive Officer
Exact text from the filing
the employments of Scott Drake as Chief Executive Officer (“CEO”), Jake Signoriello as Interim Chief Financial Officer (“CFO”) and Robert McCormack as Chief Legal Officer of the Company were terminated.
View on SEC.gov
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