Summary by Moomoo AI
Nogin, Inc., a Delaware-incorporated company, reported on April 3, 2024, that the U.S. Bankruptcy Court for the District of Delaware confirmed its First Amended Joint Chapter 11 Plan on March 28, 2024. This plan follows the company's voluntary Chapter 11 bankruptcy filing on December 5, 2023. Under the confirmed plan, all existing shares of Nogin, Inc.'s common stock, along with related options and warrants, will be canceled without value. The plan outlines that priority tax claims and secured claims will be paid in full, senior notes will receive a $15.5 million recovery plus potential additional recoveries, and general unsecured claims may receive a recovery contingent upon certain conditions. Post-restructuring, the company's equity will be owned by a new stockholder. As of March 31, 2024, Nogin, Inc. reported preliminary assets of approximately $48.8 million against liabilities of approximately $157.9 million for the fiscal year ended December 31, 2023. These figures are subject to finalization and could materially change following the year-end closing process and review by management and the audit committee.