Sign In  |  Register  |  About San Anselmo  |  Contact Us

San Anselmo, CA
September 01, 2020 1:33pm
7-Day Forecast | Traffic
  • Search Hotels in San Anselmo

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

ASTRALABS Under Andrew Ryan's Leadership Prevails in Final Newchip Warrant Sale Hearing

By: Newsfile

Parent Company of Newchip Accelerator, Prepares for Strategic Divestiture of $760M Warrant Portfolio, Charting a Renewed Path for Stakeholders

Austin, Texas--(Newsfile Corp. - February 8, 2024) - In a definitive ruling by the United States Bankruptcy Court for the Western District of Texas, Austin Division, the Honorable Judge Shad Robinson ruled in favor of ASTRALABS, the parent company of the Newchip Accelerator, in Case No. 23-10164-smr, authorizing the unencumbered sale of its investment warrant portfolio, thereby releasing it from all liens, claims, and legal encumbrances. This decisive judgment, quashing challenges to the sale of ASTRALABS' warrant asset portfolio, unequivocally affirms the company's adept strategic management and innovative handling of the Newchip warrants, marking the onset of a revitalized strategy aimed at enhancing creditor and investor returns.

In the judgment, Judge Robinson laid out several pivotal directives: the Warrants are now distinctly separated from and not subject to any obligations linked to prior client agreements, enabling the trustee to proceed with their sale free from any performance obligations or penalties for non-compliance specified in client contracts. Moreover, ex-clients must prove adherence to all reporting requirements detailed in the Warrant agreements for them to be considered expired or to avoid their extension to a 10-year term. Additionally, the trustee is relieved from the obligation to observe any right of first refusal; thus, the trustee has the authority to sell Newchip's warrant without needing to offer a right of first refusal, a right that will now be transferred to the purchaser of the warrant.

Andrew Ryan commented on the ruling, stating, "Reflecting on this nine-month legal challenge, it was the toughest period of my life to be honest, but we have not only emerged victorious but have also been fortified by the steadfast support of our shareholders and the wider investor and startup community. This solidarity and shared commitment to our mission played a pivotal role in navigating the intricacies of the bankruptcy proceedings. This court's ruling represents a monumental victory for Newchip, ASTRALABS, and unequivocally validates our decisions as a leadership team. This judgment opens the door for us to capitalize on our warrant portfolio, aiming to surpass our ambitious nine-figure sales goal and catalyze this substantial win."

Ryan further added, "The court's unambiguous validation of the Warrant Portfolio's value and integrity, as meticulously documented in the bankruptcy by Sputnik ATX's warrant report, lays the groundwork for maximizing the proceeds from the imminent sale, with the objective of delivering substantial returns to creditors and shareholders in the upcoming months. This essential verdict facilitates a methodical sale of assets, dedicated to maximizing returns for all stakeholders and achieving the optimal sale value of ASTRALABS' portfolio holdings."

Joshua Lawton, an early angel investor and a leader at Newchip over the years that testified at the hearing, offered his insights, saying, "Throughout my tenure investing in startups, I've seen many founders falter under pressures akin to what we've faced. Andrew Ryan, on the other hand, has showcased an extraordinary level of commitment to both his shareholders and employees, all of whom have poured their hearts and souls into our collective vision and the mission to empower founders. Despite the hurdles this year has presented, my admiration for the employees, investors, and clients-who've shown unwavering support and patience throughout this intricate legal journey-has only deepened."

Andrew Ryan's final statement underscores his and his investors' shared goals moving forward: "Moving forward, my aim, in collaboration with my investors, is to focus efforts on developing groundbreaking technologies at ARVC that disrupt the norm and make significant, enduring impacts on society. This ambition not only promises to advance us technologically but also sets us on a path to reach the stars."

Judge Robinson's ruling and prior case documents may be accessed via PACER: https://pacer.uscourts.gov/file-case/court-cmecf-lookup/court/TXWBK or here: https://drive.google.com/file/d/1v_s0kj-Bgu_u7ZQEBoSDOZaLREIg4-uU/

For more information on the warrant sale process or bidding procedures, please contact Chad Harding at Peak-Tech Investment Bank chad@peak-tech.com. ARVC is represented by the Hayward Firm (https://haywardfirm.com/) for additional details on the case please contact Ron Satija rsatija@haywardfirm.com and for media inquiries, reach out via email to media@andrewryan.io.

Access the Final Warrant Report here: (https://drive.google.com/file/d/181ZECs0N2PEXLyklmM8-FoRxzMIIwBaV/)

About ARVC

Founded by tech visionary Andrew Ryan, ARVC emerges as a leader at the nexus of technology and sustainability, holding the reins as the principal investor in ASTRALABS. ARVC exercises majority control over ASTRALABS, which in turn fully owns Newchip and its extensive investment portfolio. This strategic positioning allows Ryan, wielding the majority vote, to steer both entities towards a future where technological advancements and ecological stewardship converge.

ARVC's mission is to broaden humanity's horizons beyond our terrestrial confines while safeguarding the Earth's wellbeing and vitality. It commits to fueling innovations that align with this dual objective. By championing sustainable technologies that mend our planet and leading initiatives for space exploration and settlement, ARVC does more than just fund the future. It actively shapes it, crafting a legacy of discovery, innovation, and environmental preservation for generations to come.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197226

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 SanAnselmo.com & California Media Partners, LLC. All rights reserved.