Notable Labs Ltd. filed SEC Form 8-K: Bankruptcy or Receivership, Leadership Update
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Item 1.03 Bankruptcy or Receivership.
After considering strategic alternatives, Notable Labs, Ltd. (the “Company” or “Notable”) and its subsidiaries filed a voluntary petition for relief (the “Petitions”) under the provisions of chapter 7 of title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on October 13, 2024.
The proceedings under the Petitions are styled as “In re Notable Labs, Ltd.,” “In re Notable Labs, Inc.,” “In re Notable Therapeutics, Inc.” and “In re VBL Inc.” As a result of the filing the Petitions, a chapter 7 trustee will be appointed by the Bankruptcy Court to administer the bankruptcy estates of the Company and each of its subsidiaries and to perform the duties set forth in section 704 of the Bankruptcy Code. The assets of the Company and its subsidiaries will be liquidated and all claims paid in accordance with the Bankruptcy Code.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Tuomo Pätsi, Thomas I. H. Dubin, Peter Feinberg, Michele Galen, Thomas Graney and Michael Rice tendered their resignations as members of the Company’s and its subsidiaries’ Boards of Directors, which resignations were effective on October 13, 2024 as of immediately following the filing of the Petitions. The resignations of Tuomo Pätsi, Thomas I. H. Dubin, Peter Feinberg, Michele Galen, Thomas Graney and Michael Rice are not the result of any disagreements with the Company regarding the Company’s operations, policies or practices. Each of the directors resigned due to the Company’s and its subsidiaries’ filing of the Petitions, which effectively eliminates the powers of the Company’s and its subsidiaries’ Boards of Directors. Following the director resignations, the Company has no members serving on its Board of Directors.
The Company also terminated Scott A. McPherson, the Company’s Chief Financial Officer, and Joseph Wagner, the Company’s Chief Scientific Officer, each effective October 8, 2024, and the Company’s Chief Restructuring Officer and Interim Chief Executive Officer, Kaile A. Zagger, was also terminated from such positions and became an advisor to the Company effective as of October 8, 2024.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NOTABLE LABS, LTD. | |||
| Date: | October 13, 2024 | By: | /s/ Tuomo Pätsi |
| Name: | Tuomo Pätsi | ||
| Title: | Authorized Signatory of Notable Labs, Ltd. |
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