ASAP Inc (ASAP) has provided an update.
Waitr Holdings Inc. and its numerous subsidiaries have filed for Chapter 7 bankruptcy, ceasing almost all operations and signaling a grim outlook for common stockholders who are unlikely to receive any future payments. This bankruptcy has also triggered defaults on the company’s debt instruments, accelerating obligations and marking a significant shift as a trustee appointed by the U.S. Trustee’s office will take over the company’s assets and liabilities. The company’s board and executive officers have been stripped of their powers, and all officers and directors have resigned or been terminated as the company prepares to liquidate its assets.
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