IronNet, the cybersecurity agency based by former NSA director Keith Alexander, has shut down and is headed for a Chapter 7 chapter.
The corporate introduced the information in a regulatory submitting:
On September 29, 2023, given the unavailability of extra sources of liquidity and after contemplating strategic alternate options, IronNet, Inc. (the “Firm”) ceased all actions of the Firm and its subsidiaries and terminated the remaining staff of the Firm and its subsidiaries. Consequently, the entire materials enterprise actions and operations of the Firm ceased, the Firm doesn’t have the flexibility to fulfill its money owed and associated obligations, the Firm will not have the potential to organize monetary statements and different disclosures required for periodic stories for submitting with the Securities and Change Fee, and the associated precise and potential results on the Firm and its subsidiaries can be materials and hostile. The board of administrators of the Firm additional approved the Firm to take such actions essential to organize for and, topic to ultimate approval by the board of administrators to be given at a subsequent assembly, file a voluntary petition for aid beneath the relevant provisions of the US Chapter Code (the “Chapter Code”) in the US Chapter Courtroom (the “Chapter Submitting”) as expeditiously as attainable.
The revelation is an ignominious finish to an organization that after held fairly a little bit of promise within the cybersecurity trade.