8-K
filed February 1, 2024, 6:59 PM ET
CIK 0000874292
other material
confidence high
sentiment negative
materiality 1.00
ADDVANTAGE TECHNOLOGIES GROUP INC: going-concern / distress — ADDvantage Technologies files Chapter 7 bankruptcy, ceases operations, liquidating
ADDVANTAGE TECHNOLOGIES GROUP INC
- Company and three subsidiaries filed Chapter 7 on Jan 31, 2024; operations ceased Jan 26.
- Chapter 7 trustee appointed to liquidate assets and pay creditors per Bankruptcy Code.
- CEO/President Joseph E. Hart and Interim CFO Michael Ramke resigned; all directors resigned.
- Filing triggers acceleration of obligations under debt instruments.
- No officers, consultants, or employees remain as of Jan 31.
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
ADDVANTAGE TECHNOLOGIES GROUP INC reported a default on debt.
- Event
- default
Exact text from the filing
The commencement of the Chapter 7 Cases described in Item 1.03 of this Current Report on Form 8-K constitutes an event of default under certain of the Company’s debt instruments, which results in acceleration of the Company’s and the Subsidiaries’ obligations under such debt instruments.
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
ADDVANTAGE TECHNOLOGIES GROUP INC entered chapter 7 in United States Bankruptcy Court for the District of Eastern District of Texas, Sherman Division (petition 2024-01-31).
- Proceeding
- chapter 7
- Court
- United States Bankruptcy Court for the District of Eastern District of Texas, Sherman Division
- Petition
- 2024-01-31
Exact text from the filing
On January 31, 2024, ADDvantage Technologies Group, Inc. (the “Company”) and each of its subsidiaries, Fulton Technologies, Inc. (“Fulton”), Nave Communications Company (“Nave”), and ADDvantage Triton, LLC (“Triton,” and together with Fulton and Nave, the “Subsidiaries,” and each a “Subsidiary”), filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Eastern District of Texas, Sherman Division (the “Bankruptcy Court”), (collectively, the “Bankruptcy Filings”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Ramke resigned as Interim Chief Financial Officer at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Interim Chief Financial Officer
Exact text from the filing
Joseph E. Hart, the Company’s Chief Executive Officer and President; and Michael Ramke, the Company’s Interim Chief Financial Officer, resigned as executive officers of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David W. Sparkman resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John M. Shelnutt resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
James C. McGill resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joseph E. Hart resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
David E. Chymiak resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joseph E. Hart resigned as Chief Executive Officer and President at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Chief Executive Officer and President
Exact text from the filing
Joseph E. Hart, the Company’s Chief Executive Officer and President; and Michael Ramke, the Company’s Interim Chief Financial Officer, resigned as executive officers of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Timothy S. Harden resigned as Director at ADDVANTAGE TECHNOLOGIES GROUP INC.
- Action
- resigned
- Role
- Director
Exact text from the filing
directors David E. Chymiak, Joseph E. Hart, Timothy S. Harden, James C. McGill, John M. Shelnutt, and David W. Sparkman have effectively resigned as members of the Company’s Board of Directors.
View on SEC.gov
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