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  2. Once a promising online accelerator, Newchip has filed for Chapter 7 bankruptcy following Chapter 11 filings earlier this year.

    • Bankruptcy and Insolvency: The company reported assets of $1.7 mill\ion against liabilities of $4.8 million. ...
    • Employee Unrest and Mismanagement: Discontent among employees and clients escalated over time, leading to a significant walkout demanding the resignation of founder and CEO, Andrew Ryan. ...
    ncfacanada.org/newchip-online-accelerator-hits-a-dead-end-files-for-chapter-7/
    ncfacanada.org/newchip-online-accelerator-hits-a-dead-end-files-for-chapter-7/
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    Why did newchip file for bankruptcy?In an online post, Ryan said Newchip initially filed for subchapter 5 bankruptcy to restructure its venture debts ahead of a potential recession. “This was done with the intention of emerging stronger and more resilient after the financial downturn,” he wrote.
    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.
    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.
    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.
     
  4. This Austin accelerator made big claims; employees and …

     
  5. Newchip Enters Into Bankruptcy Liquidation - SiliconHills

    WebMay 13, 2023 · 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

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