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  2. 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.
    markets.businessinsider.com/news/stocks/astralabs-under-andrew-ryans-leadership-prevails-in-final-newchip-warrant-sale-hearing-1033046456
    markets.businessinsider.com/news/stocks/astralabs-under-andrew-ryans-leader…
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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.
    What happened to newchip & astralabs?Newchip, operating under Astralabs, filed for Chapter 11 bankruptcy in March, revealing that it had just $1.7 million in assets compared to $4.8 million in liabilities. Last week, a bankruptcy judge ended up converting the case to Chapter 7 liquidation.
     
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  8. Newchip Enters Into Bankruptcy Liquidation - SiliconHills

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    WebMay 19, 2023 · Still, the news about its bankruptcy came as a shock. In particular because Newchip tried to enroll us – and thousands of other entrepreneurs – in their expensive acceleration program when, …

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