Brief: Ironnet Board Authorizes Co To Furlough Almost All Employees Due To Liquidity Position

Ironnet

05/09/2023 14:46

Sept 5 (Reuters) - IronNet Inc  IRNT.PK :
    * IRONNET INC - ON SEPT 2, AS A RESULT OF LIQUIDITY POSITION
OF
CO, BOARD AUTHORIZED CO TO FURLOUGH ALMOST ALL OF COMPANY'S
EMPLOYEES
    * IRONNET INC - BOARD OF DIRECTORS OF COMPANY IS CONTINUING
TO
EVALUATE STRATEGIC ALTERNATIVES, INCLUDING POTENTIALLY SEEKING
BANKRUPTCY PROTECTION
    * IRONNET - AS RESULT OF FURLOUGH, MAY LOSE CUSTOMERS, WHICH
WOULD
HAVE MATERIAL ADVERSE IMPACT ON BUSINESS, RESULTS OF OPERATIONS,
FINANCIAL CONDITION
    * IRONNET INC - BOARD AUTHORIZED TO SUBSTANTIALLY CURTAIL
CO'S
BUSINESS OPERATIONS UNTIL SUCH TIME THAT CO HAS SUFFICIENT
OPERATING LIQUIDITY
    * IRONNET INC - DURING FURLOUGH, HOWEVER, COMPANY RETAINED
SEVERAL
EMPLOYEES TO ENSURE THERE WERE NO SERVICE INTERRUPTIONS
    * IRONNET INC - EXISTING CASH,CASH EQUIVALENTS, ANTICIPATED
CASH
FLOWS FROM OPERATIONS ARE NOT SUFFICIENT TO MEET CO'S OPERATING
AND LIQUIDITY NEEDS
    * IRONNET-IN EVENT ADDITIONAL SOURCES OF LIQUIDITY DO NOT
BECOME
AVAILABLE, CO MAY NEED TO FILE VOLUNTARY PETITION FOR RELIEF
UNDER U.S. BANKRUPTCY CODE

Source text for Eikon:  ID: 
Further company coverage:  IRNT.PK 

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