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  1. Bokep

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  2. Chapter 11

    Newchip entered into bankruptcy liquidation last week. The Austin-based company rebranded as Astralabs, doing business as Newchip and Newchip Accelerator, filed for Chapter 11 bankruptcy reorganization on March 17th, listing $1.7 million in total assets and $4.8 million in total liabilities, according to its filing.
    www.siliconhillsnews.com/2023/05/13/newchip-enters-into-bankruptcy-liquidation/
    www.siliconhillsnews.com/2023/05/13/newchip-enters-into-bankruptcy-liquidation/
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    Why did newchip go bankrupt?Newchip, an online accelerator promising to help startups, has filed for bankruptcy and is now facing insolvency amid employee and client discontent. Dozens of employees of the troubled organization staged a walkout on May 4, demanding that founder Andrew Ryan step down as CEO.
    What happened to newchip?"It's with a heavy heart that I announce the closure of Newchip today,” founder and CEO Andrew Ryan posted to LinkedIn, along with a lengthy explanation. The company, legally known as AstraLabs Inc., has been dealing with a Chapter 11 bankruptcy business reorganization case that started on March 17.
    Did newchip get a Chapter 7 bankruptcy?Last week, a bankruptcy judge ended up converting the case to Chapter 7 liquidation. This is unsurprising, considering that, according to Silicon Hills News: “While Newchip raised $7.9 million from accredited and nonaccredited investors, Crunchbase data reveals a troubling history of financial losses.
    Who are newchip founders?The Austin-based company was founded in 2016 by Ryan, Nihar Patel and Travis Brodeen and has operated a virtual incubator and accelerator to help early-stage founders grow their businesses. Newchip raised $7.9 million across several rounds of venture funding, including a $250,000 round in February this year, according to Crunchbase.
     
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