Lights out. HYPR is shutting down and filing for bankruptcy under Chapter 7. The shares, which had been trading at just under a dollar, are currently at $.02.
Item 8.01 Other Events
As reported in a Current Report on Form 8-K that was filed with the Commission on November 8, 2006, on November 7, 2006, HyperFeed Technologies, Inc. (“HyperFeed”) received a letter from Exegy Incorporated (“Exegy”) informing the Company that Exegy was terminating the Contribution Agreement among Exegy, HyperFeed and PICO Holdings, Inc. dated August 25, 2006.
HyperFeed disputes Exegy’s right to terminate the Contribution Agreement and plans to vigorously defend its rights thereunder through all available legal means. As reported in the November 8, 2006 8-K, HyperFeed was relying on the transactions contemplated by the Contribution Agreement to finance its current and future capital needs and operating costs. The Board of Directors of HyperFeed has determined that, as a result of Exegy’s actions to terminate the Contribution Agreement and the transactions contemplated thereby, existing and anticipated capital resources, including cash and cash equivalents, accounts receivable, assets related to discontinued operations, and financing from PICO Holdings, Inc., which is currently the Company’s only source of financing, will not be sufficient to fund its operations on a going concern basis. Accordingly, HyperFeed’s Board of Directors today approved a resolution authorizing the immediate filing of a voluntary petition for bankruptcy under Chapter 7, Title 11, United States Code. In connection with the planned Chapter 7 Bankruptcy filing, HyperFeed will cease all business activity and operations. Upon filing of the petition, the court will appoint a bankruptcy trustee who will be responsible for the wind-up of the business.
A copy of a press release dated November 9, 2006, announcing the Board’s decision with respect to the voluntary bankruptcy petition is attached as Exhibit 99.1 and is incorporated herein by reference.
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