Biocept filed voluntary petition for Chapter 7 bankruptcy relief

In a regulatory filing, Biocept disclosed that after considering strategic alternatives, the company filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware on October 13. “The proceeding under the Petition is styled as ‘In Re: Biocept, Inc.’ As a result of filing the Petition, a Chapter 7 trustee will be appointed by the Bankruptcy Court to administer the bankruptcy estate of the company and to perform the duties set forth in Section 704 of the Code. The assets of the company will be liquidated and any claims paid in accordance with the Code,” the filing stated. “Antonino Morales, Marsha A. Chandler, Bruce E. Gerhardt, Quyen Dao-Haddock, Ivor Royston, and Linda Rubinstein tendered their resignations as members of the Company’s Board of Directors which resignations were effective on October 13, 2023, prior to filing the Petition. The resignations of Mr. Morales, Ms. Chandler, Mr. Gerhardt, Ms. Dao-Haddock, Mr. Royston and Ms. Rubinstein are not the result of any disagreements with the company regarding the company’s operations, policies, or practices. Each of the Members have resigned due to the company’s filing of the Petition which effectively eliminates the powers of the company’s Board of Directors. Following the resignations of the Members, the company will have no members serving on its Board of Directors. In addition to his resignation from the company’s Board of Directors, Mr. Morales tendered his resignation as the company’s President and Chief Executive Officer effective on October 13,” the filing added.