Uni-Pixel Inc (fka UNXLQ)

[ice1234]

SELL ALERT! UNXL file petition for relief under the U.S. Bankruptcy

UniPixel, Inc. Announces Form 8-K Filing Today
Date : 08/25/2017 @ 5:27PM
Source : PR Newswire (US)
Stock : Uni-Pixel, Inc. (MM) (UNXL)
Quote : 0.1292 0.0 (0.00%) @ 5:19AM

UniPixel, Inc. Announces Form 8-K Filing Today
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Uni-Pixel, Inc. (MM) (NASDAQ:UNXL)
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SANTA CLARA, Calif., Aug. 25, 2017 /PRNewswire/ -- UniPixel, Inc. (NASDAQ: UNXL) has today filed a Form 8-K announcing a number of actions.

On August 24, 2017, the board of directors of UniPixel, authorized the company to file a voluntary petition for relief under the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of California. The petition has not yet been filed but it is anticipated that the company will do so in the next 1-2 business days. It is also currently anticipated that the company will file the petition under Chapter 11 of the Bankruptcy Code which would enable it to act as "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The company has retained the McNutt Law Group LLP as its counsel.

As had been stated by the company, it 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. A year ago, on August 22, 2016, Messrs. Killion and Tomz filed an action against the company for advancement of expenses in the Delaware Chancery Court. The company disputed a portion of the expenses incurred in 2016 as unreasonable, but has since been ordered to pay some of those disputed fees. In addition, only a portion of expenses incurred in 2017 have been advanced as of this time. 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.

In addition, all the directors of the Company other than Jeff Hawthorne resigned effective August 24, 2017, and on August 25, 2017, the Company terminated the employment of all employees, including Mr. Hawthorne and the other officers of the company.

About UniPixel
UniPixel, Inc. (NASDAQ: UNXL) develops and markets high performance metal mesh capacitive touch sensors for the touchscreen and flexible displays markets. The Company's roll-to-roll electronics manufacturing process patterns fine line conductive elements on thin films. The company markets its technologies for touch panel sensor, cover glass replacement, and protective cover film applications under the XTouch™ and Diamond Guard™ brands. For further information, visit www.unipixel.com.

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