By Nitin Dahad, EETimes (April 30, 2020)
As we reported as a possible outcome last week, Wave Computing yesterday filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of California, San Jose Division.
Wave has arranged for what’s called debtor-in-possession (DIP) financing from an affiliate of Tallwood Venture Capital totaling approximately $27.9 million. The money provides the business sufficient liquidity to continue regular business operations through the bankruptcy process.
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