--- schema_version: "secwatch.filing_event.v1" accession: "0001628280-23-024952" form_type: "8-K" ticker: null cik: "0001597313" company_name: "ViewRay, Inc." filed_at: "2023-07-17T23:59:59+00:00" generated_at: "2026-06-13T07:42:09.656570+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.95 calibrated_materiality_score: 0.95 confidence: "high" source: SEC EDGAR --- # ViewRay files Chapter 11, secures $6M DIP financing; CEO and board replaced ## Summary - 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. ## SEC filing metadata - accession: 0001628280-23-024952 - form_type: 8-K - cik: 0001597313 - company_name: ViewRay, Inc. - filed_at: 2023-07-17T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.95 - calibrated_materiality_score: 0.95 - confidence: high - sec_items: 1.01, 1.03, 2.04, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/vray-20230715.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-23-024952 - JSON: https://secwatch.observer/filing/0001628280-23-024952.json - Plain text: https://secwatch.observer/filing/0001628280-23-024952.txt ## Key facts - Debt Financings 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Distress & Bankruptcy 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 source text: 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”). evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Phillip M. Spencer resigned as Director at ViewRay, Inc.. - Action: resigned - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Paul Ziegler was appointed as Chief Executive Officer at ViewRay, Inc.. - Action: appointed - Role: Chief Executive Officer source text: the Company appointed Paul Ziegler as CEO evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Paul Ziegler was appointed as Class II Director at ViewRay, Inc.. - Action: appointed - Role: Class II Director source text: the Board appointed Mr. Ziegler as a Class II director evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Gail Wilensky resigned as Director at ViewRay, Inc.. - Action: resigned - Role: Director source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Adam Podbelski was appointed as Senior Vice President, Commercial Operations at ViewRay, Inc.. - Action: appointed - Role: Senior Vice President, Commercial Operations source text: Adam Podbelski as Senior Vice President (“SVP”), Commercial Operations of the Company evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Cassie Mahar was appointed as Interim Chief Financial Officer at ViewRay, Inc.. - Action: appointed - Role: Interim Chief Financial Officer source text: Cassie Mahar, currently VP of Accounting and Corporate Controller, to serve as the Company's interim CFO evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Jake Signoriello was terminated as Interim Chief Financial Officer at ViewRay, Inc.. - Action: terminated - Role: Interim Chief Financial Officer source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Robert McCormack was terminated as Chief Legal Officer at ViewRay, Inc.. - Action: terminated - Role: Chief Legal Officer source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm - Executive change Scott Drake was terminated as Chief Executive Officer at ViewRay, Inc.. - Action: terminated - Role: Chief Executive Officer source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/1597313/000162828023024952/0001628280-23-024952-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.