MedAvail Holdings (MDVL) Files Voluntary Chapter 11

After considering strategic alternatives, MedAvail Holdings, Inc (NASDAQ: MDVL), filed a voluntary petition for relief (the “Petition”) under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on February 2, 2024.

The proceeding under the Petition is styled as “In Re: MedAvail Holdings, Inc.” As a result of filing the Petition, a Chapter 7 trustee will be appointed by the Bankruptcy Court to administer the bankruptcy estate of the Company and to perform the duties set forth in Section 704 of the Code. The assets of the Company will be liquidated and all claims paid in accordance with the Code.

On February 1, 2024, SingerLewak LLP, the Company’s independent registered public accounting firm, informed the Company of its decision to resign as auditors of the Company, effective immediately prior to the filing of the Petition.

From the date of its engagement on June 14, 2023 through the date of its resignation, SingerLewak did not render an audit report on the Company’s financial statements for any period.

Mark Doerr, Robert Faulkner, Paul Johnson, Michael Kramer, Laurie McGraw and Glen Stettin, M.D. tendered their resignations as members of the Company’s Board of Directors, which resignations were effective on February 2, 2024, prior to filing the Petition. The resignations of Mr. Doerr, Mr. Faulkner, Mr. Johnson, Mr. Kramer, Ms. McGraw and Dr. Stettin are not the result of any disagreements with the Company regarding the Company’s operations, policies, or practices. Each of the directors resigned due to the Company’s filing of the Petition, which effectively eliminates the powers of the Company’s Board of Directors. Following the director resignations, the Company has no members serving on its Board of Directors.

The Company terminated the employment of Mark Doerr, the Company’s President and Chief Executive Officer, and Ramona Seabaugh, the Company’s Chief Financial Officer, Treasurer and Secretary, effective on February 2, 2024, prior to filing the Petition. The Company terminated the employment of these executive officers due to the filing of the Petition, which effectively eliminated the powers these executives previously held on behalf of the Company and the roles of President, Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary.

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