In Phonic, Inc (INPC)

[dragon52]

They also said they signed a sales agreement....

"...that it has entered into an agreement to sell substantially all of its assets to an affiliate of Versa Capital Management, a Philadelphia based private equity firm."

which literally means that the shares in effect could be cancelled and new shares issued for the new company; common shareholders usually get nothing in a bankruptcy.

You will have to wait and see what happens, or sell out now and walk away.