MCLEAN, Virginia., November 4, 2023 /PRNewswire/ — IronNet, Inc. (“IronNet” or “the Company”) stabilizes its operations and continues its plan of reorganization under Chapter 11 of the United States Bankruptcy Code in United States District Bankruptcy Court Delaware (the “Court” and such matters, the “Chapter 11 Matters” or “Restructuring”).
On October 10, 2023IronNet has entered into a binding term sheet (the “Term Sheet”) with ITC Global Advisors (“ITC”) for a 10 million dollars debtor-in-possession (“DIP”) financing facility.
On October 12, 2023, IronNet filed various “day one” motions seeking customary relief intended to permit the Company and its subsidiaries to continue operations in the ordinary course during the restructuring. On October 13, 2013The Court approved these first-day motions and provisionally authorized the execution of a reinstatement agreement with Amazon Web Services to reinstate and reactivate its cloud computing services.
Linda ZecherIronNet CEO, said: “Amidst an intense restructuring in an uncertain capital raising environment, we remain committed to stabilizing IronNet and serving our customers. With the DIP financing provided by ITC, we believe we are better positioned to act in the interests of our stakeholders through the restructuring.
About IronNet
Founded in 2014 by GEN (Ret.) Keith Alexander, IronNet, Inc. (OTCMKTS: IRNTQ) is a global cybersecurity leader transforming the way organizations secure their networks by delivering the first collective defense platform operating at scale. Employing a number of former NSA cybersecurity operators with offensive and defensive cybersecurity experience, IronNet integrates deep trade knowledge into its cutting-edge products to solve the most challenging cyber problems facing the world today. today.
Warnings
The Company cautions that trading in the Company’s securities during the restructuring period is highly speculative and presents significant risks. Prices of the Company’s securities may have little or no relationship to the actual recovery, if any, by holders of the Company’s securities in connection with the restructuring.
Certain statements contained in this release are forward-looking statements that are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied by such statements, and are based on estimates and assumptions which, although considered reasonable by the Company and its management, are inherently uncertain, including statements regarding the Company’s pursuit of bankruptcy protection. Forward-looking statements generally relate to future events and may be identified by terminology such as or similar to “may”, “should”, “could”, “future”, “expect”, “intend”. of”, “intend”, “will”, “estimate”, “believe”, “predict”, “potential”, “anticipate” or “continue”, or the negative forms of these terms or their variations or similar terminology.
Factors relating to the Company’s restructuring that could cause actual results to differ materially from current expectations include, but are not limited to: the ability to obtain court approval for filed motions, risks associated with any third party requests, the potential adverse effects of the restructuring on the liquidity or results of operations of the Company and the increase in legal and other professional costs necessary to carry out the reorganization of the Company, the duration of the Restructuring, court decisions and results of the Restructuring in general, as well as any effects of the Restructuring on the Company and on the interests of the various components.
In addition, the conditions to which the Company’s cash collateral is subject and the risk that these conditions will not be satisfied for various reasons, including reasons beyond the control of the Company; the consequences of the acceleration of the Company’s obligations and the trading price and volatility of the Company’s common stock, as well as the risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding forward-looking statements” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023, and other documents filed by the Company from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any forward-looking statements, and the Company undertakes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. . The Company gives no assurance that it will achieve its expectations.
Investor contact: IR@ironnet.com
Media Contact: Media@ironnet.com
SOURCE IronNet, Inc.
