IRobot Commences Bankruptcy Process And Agrees To Acquisition By Picea
(RTTNews) - iRobot Corp. (IRBT) announced that it has voluntarily commenced a pre-packaged Chapter 11 process in the District of Delaware. The company expects to complete this court-supervised restructuring by February 2026. This marks a significant step in addressing iRobot's financial challenges and establishing a path toward long-term stability.
As part of the restructuring, iRobot has entered into a Restructuring Support Agreement (RSA) with its secured lender and primary contract manufacturer, Shenzhen PICEA Robotics Co., Ltd. and Santrum Hong Kong Co., Limited. Under the agreement, Picea will acquire 100% of iRobot's equity interests through the court-supervised process.
Upon completion of the transaction, iRobot will become a private company wholly owned by Picea. As a result, iRobot's shares of common stock will be delisted from The Nasdaq Stock Market LLC and will no longer trade on any national stock exchange.
