--- schema_version: "secwatch.filing_event.v1" accession: "0001628280-24-029628" form_type: "8-K" ticker: null cik: "0001353538" company_name: "Appgate, Inc." filed_at: "2024-06-24T23:59:59+00:00" generated_at: "2026-06-01T02:24:36.522664+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 1.0 calibrated_materiality_score: 1.0 confidence: "high" source: SEC EDGAR --- # Bankruptcy court confirms Appgate's prepackaged Chapter 11 plan; common stock to be cancelled ## Summary - Plan confirmed June 17, 2024; all 131.8M common shares cancelled on effective date with no value. - 1L convertible notes receive Series A Units and Class C Magnetar Units; 2L notes receive Series B Units and Class C AGF Units; 3L RCF claims get no recovery. - Board dissolved: directors Fahim Ahmed, Jonathan Ledecky, Jeanne Manischewitz, Manuel Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, Leo Taddeo cease. - Monthly operating report (May 31, 2024): total assets $125.5M, total liabilities $305.1M, net deficit $179.6M, net loss -$5.8M. - Company plans to emerge private, file Form 15 to deregister stock and cease SEC reporting. ## SEC filing metadata - accession: 0001628280-24-029628 - form_type: 8-K - cik: 0001353538 - company_name: Appgate, Inc. - filed_at: 2024-06-24T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 1.0 - calibrated_materiality_score: 1.0 - confidence: high - sec_items: 1.03, 3.03, 5.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/apgt-20240617.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001628280-24-029628 - JSON: https://secwatch.observer/filing/0001628280-24-029628.json - Plain text: https://secwatch.observer/filing/0001628280-24-029628.txt ## Key facts - Distress & Bankruptcy Appgate, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-05-06). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the District of Delaware - Petition: 2024-05-06 source text: on May 6, 2024, Appgate, Inc., a Delaware corporation (“ Appgate ” or the “ Company ”) and certain of its direct and indirect subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions for relief (the “ Chapter 11 Cases ”) under Chapter 11 of the United States Bankruptcy Code (the “ Bankruptcy Code ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”). The Chapter 11 Cases are being jointly administered under the caption In re Appgate, Inc., et al. , Case No. 24-10956 (CTG). evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Jonathan J. Ledecky departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Leo Taddeo departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Steven Panagos departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Lisa Sibenac departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Benjamin Phillips departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Jeanne Manischewitz departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Manuel D. Medina departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm - Executive change Fahim Ahmed departed as Director at Appgate, Inc.. - Action: ceased - Role: Director source text: Each of the Company’s directors, including Fahim Ahmed, Jonathan J. Ledecky, Jeanne Manischewitz, Manuel D. Medina, Steven Panagos, Benjamin Phillips, Lisa Sibenac, and Leo Taddeo, will cease being directors of the Company on the Effective Date. evidence_url: https://www.sec.gov/Archives/edgar/data/1353538/000162828024029628/0001628280-24-029628-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.