Bankruptcy: Molecular Templates, Inc.

Form Type: 8-K

Filing Date: 2025-04-24

Corporate Action: Bankruptcy

Type: New

Accession Number: 000164117225006026

Filing Summary: On April 20, 2025, Molecular Templates, Inc., alongside its affiliate Molecular Templates OpCo, Inc., filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company remains functional as a debtor in possession, continuing operations while under the court's jurisdiction. As part of their restructuring plan, a debt-for-equity transaction is intended with K2 HealthVentures LLC, which will involve satisfying certain claims and the cancellation of existing stock. A debtor-in-possession financing arrangement has been approved by the Bankruptcy Court, allowing the company to secure a total financing package of up to $9 million with terms laid out in the DIP Facility. This financing will be secured by first-priority liens on the company's assets. The commencement of the Chapter 11 cases has triggered default provisions under existing financial agreements. There are risks associated with trading the company’s securities during this bankruptcy process, as there is no assurance regarding recovery for shareholders.

Form Type: 8-K

Filing Date: 2025-01-02

Corporate Action: Liquidation

Type: New

Accession Number: 000119312525000647

Filing Summary: On December 31, 2024, Molecular Templates, Inc. announced a significant leadership change and the approval of a wind-down of the company's affairs effective the same day. Six members of the Board of Directors, including CEO Dr. Eric E. Poma, resigned, and Dr. Poma will not receive severance. Dr. Poma's outstanding stock options will still vest until March 31, 2025. Craig Jalbert was appointed as the sole director and CEO, effective January 1, 2025, tasked with overseeing the wind-down of the company. The company cautioned investors about the speculative nature of trading its securities and advised that no value is expected to be realized by holders of its securities. Dr. Poma also signed a consulting agreement for transitional services and will be compensated hourly.