Bankruptcy: Accelerate Diagnostics, Inc

Form Type: 8-K

Filing Date: 2025-06-04

Corporate Action: Bankruptcy

Type: Update

Accession Number: 000110465925056448

Filing Summary: On May 30, 2025, Accelerate Diagnostics, Inc. entered into a stalking horse asset purchase agreement with Indaba Capital Management to sell substantially all of its assets as part of a Chapter 11 bankruptcy proceeding. The aggregate consideration includes a credit bid of approximately $41.95 million and the assumption of certain liabilities. The sale is subject to court approval under Section 363 of the Bankruptcy Code and includes a bidding process for other potential offers. The company cautions that existing common stockholders may face significant losses during this process, and the trading of its stock is considered highly speculative.

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.