Bankruptcy: Accelerate Diagnostics, Inc

Form Type: NT 10-Q

Filing Date: 2025-05-16

Corporate Action: Bankruptcy

Type: New

Accession Number: 000110465925050102

Filing Summary: Accelerate Diagnostics, Inc. has filed a Notification of Late Filing (Form 12b-25) for its Quarterly Report on Form 10-Q due to its inability to file within the prescribed time frame. The company filed voluntary petitions for Chapter 11 bankruptcy on May 8, 2025, in the Delaware Bankruptcy Court. This came alongside a Stalking Horse Term Sheet agreement with Indaba Capital Management, which involves acquiring most of the company's assets, subject to court approval. The company has indicated it will not be able to file its Form 10-Q without unreasonable effort or expense, citing demands related to the bankruptcy process as a major factor. It also anticipates significant changes in financial results compared to the previous year due to these developments, warning that common stock trading during this period poses high risks and that investors could face substantial losses.

Form Type: 8-K

Filing Date: 2025-05-12

Corporate Action: Bankruptcy

Type: New

Accession Number: 000110465925047314

Filing Summary: On May 8, 2025, Accelerate Diagnostics, Inc. and certain subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. Following this, the company received a delisting notice from Nasdaq due to failure to meet the minimum bid price requirement and issues related to public interest and compliance. The company's common stock will be delisted and trading is expected to begin on the OTC market under the symbol 'AXDXQ' on May 15, 2025. The company also cautioned that trading during the bankruptcy proceedings is highly speculative, and substantial losses for security holders are expected.

Form Type: 8-K

Filing Date: 2025-05-08

Corporate Action: Bankruptcy

Type: New

Accession Number: 000110465925046104

Filing Summary: On May 8, 2025, Accelerate Diagnostics, Inc. and its US subsidiary filed for voluntary Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The filing includes a motion for joint administration of their bankruptcy cases. The company plans to operate as debtors-in-possession while seeking customary relief to continue operations without disruption. Additionally, on the same day, Accelerate entered into a Stalking Horse Term Sheet with Indaba Capital Management, agreeing to sell substantially all assets for $36.9 million amid bankruptcy proceedings. The proposed transaction will adhere to Section 363 of the Bankruptcy Code, allowing for the solicitation of competing bids. A DIP Term Sheet was also entered into with Indaba, providing a financing facility of up to $12.5 million to cover costs related to the bankruptcy. Trading of the company's common stock is cautioned as speculative during this period, with significant risks posed to stockholders' investments.