iPix Ceases Business Operations After Filing for Chapter 7 Protection
RESTON, Va.
iPix, a provider of 360° cameras and “immersive technology,” filed Chapter 7 bankruptcy protection on July 31 with the U.S. Bankruptcy Court, Eastern District of Virginia. The court has yet to appoint a trustee who will take responsibility for selling the company assets.
The iPix announcement, made on Aug. 2, came on the heels of the resignation of three iPix board members – Laban Jackson, director and member of the audit committee, resigned on July 6; Andrew Seamons resigned on July 17; and David Wilds, chairman, resigned July 19. No reason was given for their departures.
The firm had entered into an agreement for a private stock placement that was expected to create $5 million with which to fund ongoing operations.
According to the Washington Business Journal, iPix reported a loss of $3.8 million during the first quarter of this year.
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