Appgate, Inc.: going-concern / distress — Appgate emerges from Chapter 11 with no debt, common stock cancelled, new financing from Magnetar

Appgate, Inc.

Plan effective July 2, 2024; all common stock cancelled with no value; company becomes private.
No corporate debt outstanding post-emergence; additional equity financing secured from Magnetar.
Company filed post-effective amendment to Form S-8; intends to file Form 15 to deregister common stock.
Appgate launched SDP 6.3 with AI risk engine and new malware analysis service; won DoD deal.
Lead investors become majority equity owners; Kirkland & Ellis and Portage Point advised.

item 1.02 item 1.03 item 3.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Appgate, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-07-02).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-07-02

Exact text from the filing

The Plan became effective on July 2, 2024 (the “ Effective Date ”) when the Company filed a Notice of (I) Entry of an Order Approving the Disclosure Statement For, and Confirming, the Second Amended Joint Prepackaged Plan of Reorganization of Appgate, Inc. and its Debtor Subsidiaries Pursuant to Chapter 11 of the Bankruptcy Code and (II) Occurrence of Effective Date (the “ Notice of Effective Date ”) with the Bankruptcy Court.

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Source: SEC EDGAR

accession 0001628280-24-030983

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