IronNet Shutters Operations Following Lack of Additional Liquidity

Dow Jones2023-09-29

By Denny Jacob

IronNet shuttered its operations after considering strategic alternatives and being unable to acquire additional sources of liquidity.

The cybersecurity company said it ceased all activities and terminated remaining employees, according to a regulatory filing. The news comes just weeks after IronNet disclosed in an earlier filing this month that it would furlough most of its workers and explore options including bankruptcy reorganization or liquidation.

IronNet said it doesn't expect to pursue bankruptcy protection under Chapter 11, meaning it will be necessary to pursue bankruptcy protection under Chapter 7. It doesn't expect distributions to shareholders in a Chapter 7 liquidation, according to its latest filing.

IronNet was co-founded in 2014 by former National Security Agency director and retired Army Gen. Keith Alexander and other former intelligence and defense officials. Additional liquidity was sought given the state of its financials. The company posted losses in its last two fiscal years, $111 million for the year ended in January and $242.6 million the previous year.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

September 29, 2023 10:10 ET (14:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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