Item 1.03. Bankruptcy or Receivership
On September 29, 2023, after considering all strategic alternatives, Infinity Pharmaceuticals, Inc. (the "Company") filed a voluntary petition for relief under the provisions of Chapter 11 of Title 11 of the United States Code (the "Code") in the United States Bankruptcy Court for the District of Delaware (the "Court"). The bankruptcy case is being administered under the caption In re Infinity Pharmaceuticals, Inc., et al(Case No. 23-11640).
In connection with this Chapter 11 filing, the Company has engaged Sonoran Capital Advisors, LLC, to provide services to the Company in connection with its Chapter 11 case. The Company intends to continue to operate its business at a reduced level as a "debtor-in-possession" under the jurisdiction of the Court and in accordance with the applicable provisions of the Code and orders of the Court.
In connection with the Chapter 11 filing, the Company has engaged SSG Advisors, LLC, in connection with any restructuring transaction or asset sale transaction arising under the Chapter 11 case. Any sale of assets, including a potential sale of eganelisib, would be subject to review and approval of the Court, compliance with agreed upon and Court-approved bidding procedures allowing for the submission of higher and better offers, and other agreed-upon conditions.
The Company currently expects that the Chapter 11 filing will result in, among other things, the cancellation or extinguishment of all outstanding shares of the Company's capital stock without any payment or other distribution on account of those shares.

Attachments

Disclaimer

Infinity Pharmaceuticals Inc. published this content on 29 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2023 22:00:45 UTC.