Bankruptcy: Mudrick Capital Management, L.P.

Form Type: SCHEDULE 13D

Filing Date: 2025-01-22

Corporate Action: Bankruptcy

Type: New

Accession Number: 000110465925005058

Filing Summary: Mudrick Capital Management, L.P. and its affiliates have filed a Schedule 13D regarding their holdings in Vroom, Inc. as the company emerged from bankruptcy. Vroom, Inc. filed for voluntary Chapter 11 bankruptcy on November 13, 2024, and the court confirmed the prepackaged plan of reorganization on January 8, 2025. The plan became effective on January 14, 2025, when the company issued new shares of common stock, effectively canceling the old stock. The reporting persons received approximately 76.5% of the newly issued common stock in exchange for their convertible notes, totaling 3,952,231 shares among them. A managing director from Mudrick Capital was appointed to the board of Vroom as part of this restructuring. The filing indicates a strategic investment in Vroom as it moves forward post-reorganization, and they may engage in further transactions based on ongoing evaluations of the company’s business and market conditions.