iLearningEngines, Inc.

Form Type: 8-K

Filing Date: 2025-01-03

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390025000828

Comments: iLearningEngines, Inc. and its affiliated entities filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on December 20, 2024. The cases are jointly administered in the Bankruptcy Court for the District of Delaware, and the company is continuing to operate as 'debtors-in-possession.' They sought approval for 'first day' motions to ensure business operations can continue during the bankruptcy process, including paying pre-petition employee obligations. A hearing on these motions was conducted on December 30, 2024, and subsequent relief was granted. Additionally, on December 23, 2024, iLearningEngines received a notice from Nasdaq regarding delisting due to its Chapter 11 filing. The trading of the company’s common stock and warrants was suspended starting January 2, 2025, following which they expect to be quoted on the OTC Pink Market under new symbols. The document also includes caution regarding trading the company’s securities during this period, indicating potential complete loss for shareholders depending on the bankruptcy outcome.

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Form Type: 8-K

Filing Date: 2024-12-27

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024112871

Comments: On December 23, 2024, iLearningEngines, Inc. announced that it had filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Following this announcement, the Nasdaq Stock Market notified the Company that it would be delisting the Company's securities, with trading expected to be suspended on January 2, 2025. The Company has the option to appeal this decision, and is currently considering whether to pursue an appeal. Additionally, all five Executives of the Company were placed on administrative leave prior to their resignations on December 23, 2024, and ongoing investigations by the SEC and DOJ are underway. The Company cautioned that trading in its securities poses substantial risks due to the implications of the Chapter 11 filing and potential loss for shareholders.

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Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Bankruptcy

Type: New

Accession Number: 000121390024111529

Comments: On December 20, 2024, iLearningEngines, Inc. and its affiliated entity, iLearningEngines Holdings, Inc., filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The Debtors are operating as 'debtors-in-possession' under the Bankruptcy Court's jurisdiction. The bankruptcy case is captioned In re iLearningEngines, Inc., Case No. 24-12826. As of the filing date, approximately $54 million was outstanding under the East West Bank Revolving Facility, indicating significant financial obligations. A press release related to this Chapter 11 case was issued on December 23, 2024. The company warns that trading of its securities during the bankruptcy proceedings poses substantial risks, with a potential significant loss for shareholders. Current uncertainties include the outcome of the bankruptcy process and the company's ability to execute a plan of reorganization.

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