BIORA THERAPEUTICS, INC.

Form Type: 8-K

Filing Date: 2024-12-30

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024113256

Comments: On December 27, 2024, Biora Therapeutics, Inc. filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware. The company continues operations as debtor-in-possession and has filed various motions seeking customary relief to facilitate a smooth transition into Chapter 11. A DIP Term Sheet was entered into to secure $46,125,000 through superpriority priming term loans, which will assist in a sale process of the company’s business or assets on a cash-free and debt-free basis. Significant milestones have been set for the sale process, including filing a motion for bidding procedures by January 6, 2025, and closing proposed sales by March 2, 2025. The company cautions that trading in its securities poses substantial risks and investors may face significant or complete losses.

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