Sunworks (SUNW) Files Chapter 11, Announces Resignations

StreetInsider2024-02-06

On February 5, 2024, after considering all strategic alternatives, Sunworks (NASDAQ: SUNW) and three of its subsidiaries ceased operations and filed voluntary petitions for relief under the provisions of Chapter 7 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), Case Nos. 24-10215, 24-10216, 24-10217 and 24-10218.

A Chapter 7 trustee will be appointed by the Bankruptcy Court and will assume control over the assets and liabilities of the Company, effectively eliminating the authority and powers of the Board of Directors of the Company and its executive officers to act on behalf of the Company. The assets of the Company will be liquidated and claims paid in accordance with the Bankruptcy Code.

On February 5, 2024, Mark Trout, Chief Executive Officer tendered his resignation, effective on such date. As of February 5, 2024, the Company has no officers, consultants or employees.

On February 5, 2024, directors Mark Trout, Patrick McCullough, Rhone Resch and Stanley Speer resigned as members of the Company’s Board of Directors. The Company has no current members of the Board of Directors.

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