Uni-Pixel and Uni-Pixel Displays filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California, lead case number 17-52100. The Company, which designs, develops manufactures and sells electronic components, is represented by Scott H. McNutt of McNutt Law Group.
A corporate release explains, “[The Company] is obligated to advance expenses for the defense of its two former executive officers, Reed Killion and Jeffrey Tomz, in their defense on an action brought against them by the Securities and Exchange Commission….The company and Messrs. Killion and Tomz have been in discussions regarding timing of payment of advancement of expenses, but have been unable to reach a resolution and Messrs. Killion and Tomz have moved to seek recourse in the Delaware Chancery Court, including seeking to have the company liquidate assets to provide funds for the advancement of expenses. In light of this, the company intends to use the bankruptcy process to seek to sell the assets of the company including manufacturing equipment, R&D equipment, intellectual property assets, individually or to an interested buyer in totality and subject to the approval of the Bankruptcy Court.”
Uni-Pixel further notes that all of its directors, except Jeff Hawthorne, resigned effective August 24, 2017; and on August 25, 2017, the Company terminated the employment of all employees, including Hawthorne and all other officers.
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