Item 8.01 Other Events.
As previously disclosed, the Purchased Assets to
be sold pursuant to the terms of the Purchase Agreement constitute substantially all of the assets of the Company. The Company anticipates
that, following the sale of the Purchased Assets pursuant to the terms of the Purchase Agreement, the Company will liquidate pursuant
to a plan to be filed with the Court, subject to the Court’s approval, and the Company’s securities will no longer publicly
trade. The Company currently believes it is unlikely that the Company’s stockholders will receive any proceeds in connection with
any such plan.
Cautionary Information Regarding Trading in the Company’s
Securities
The Company continues to face certain risks and uncertainties that
have been affecting its business and operations, and these risks and uncertainties may affect the Company’s ability to consummate
the transactions contemplated by the Purchase Agreement or any alternative sale transaction and could impact the outcome of the Cases.
Holders of the Company’s equity securities will likely be entitled to no recovery on their investment following the Cases, and recoveries
to other stakeholders cannot be determined at this time. The Company cautions that trading in the Company’s securities given the
pendency of the Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little
or no relationship to the actual value realized, if any, by holders of the Company’s securities in the Cases. Accordingly, the Company
urges extreme caution with respect to existing and future investments in its securities.
Cautionary Note Regarding
Forward-Looking Statements
This
document includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor
provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited
to, statements regarding the Chapter 11 process and the Cases, and the Company’s future prospects and potential strategic alternatives,
including a potential sale of the Company’s assets in connection with the Chapter 11 process. The Company’s actual results
or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements. These statements
are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied
on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Actual
events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances
are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including
risks associated with the potential adverse impact of the Bankruptcy Filings on the Company’s liquidity and results of operations;
changes in the Company’s ability to meet its financial obligations during the Chapter 11 process and to maintain contracts that
are critical to its operations; the outcome and timing of the Chapter 11 process and any potential asset sale, including the risk that
no purchaser of the Company’s assets emerges; the effect of the Bankruptcy Filings and any potential asset sale on the Company’s
relationships with vendors, regulatory authorities, employees and other third parties; possible proceedings that may be brought by third
parties in connection with the Chapter 11 process or any potential asset sale; uncertainty regarding obtaining Court approval of a sale
of the Company’s assets or other conditions to any potential asset sale; the timing or amount of any distributions, if any, to the
Company’s stakeholders; and those factors discussed in the Company’s annual report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) on April 15, 2022 and quarterly report on Form 10-Q filed with the SEC on November 14,
2022, in each case under the heading “Risk Factors,” and other documents of the Company filed, or to be filed, with the SEC.
If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking
statements. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial
that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements
reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this document. The Company anticipates
that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should
not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly,
undue reliance should not be placed upon the forward-looking statements