Tintri, Inc. (NASDAQ: TNTR) today announced that, on July
10, 2018, it filed a voluntary petition for relief under Chapter 11
of the United States Bankruptcy Code in the United States
Bankruptcy Court for the District of Delaware. Tintri will continue
to operate its businesses as a debtor-in-possession under the
jurisdiction of the bankruptcy court.
Tintri intends to continue its efforts to enter into a strategic
transaction, including a sale of the company or its assets,
following the bankruptcy filing. In this regard, the company has
entered into a letter of intent with DataDirect Networks (“DDN”),
which contemplates the purchase of substantially all of the
company’s assets by DDN under Section 363 of Title 11 of the United
States Code. The DDN letter of intent is non-binding and provides
no guarantee that a transaction will be completed. The terms of any
potential transaction with DDN, or any other strategic
counterparty, are subject to a number of contingencies, including
the negotiation and execution of definitive transaction agreements,
the completion of a bidding process as provided for by the
bankruptcy court, and final approval of the bankruptcy court.
Consequently, there can be no assurance that Tintri’s efforts to
consummate a strategic transaction, including the proposed
transaction with DDN, will be successful. Furthermore, even if
Tintri were to complete a strategic transaction, the proceeds of
any such transaction may be insufficient to allow the company to
pay its creditors in full. In any event, Tintri does not anticipate
that its stockholders will receive any return on their shares.
Additionally, Tintri has arranged for financing that is intended
to bridge the company to a strategic transaction. This financing is
expected to consist of amounts available under a proposed
superpriority secured debtor-in-possession credit facility with
TriplePoint Capital, LLC, as well as the continued use of accounts
receivable collections under the company’s secured credit facility
with Silicon Valley Bank. This financing is subject to, among other
things, the approval of the bankruptcy court.
“We are very pleased to be closely collaborating with Tintri’s
cofounders, team members, advisors and creditors to develop a
winning plan which is designed to provide Tintri’s customers with
continuity in support of their installed base as well as a winning
roadmap for their long term requirements,” said Alex Bouzari, CEO
and co-founder of DDN.
“Tintri looks forward to continuing to work with DDN on its
proposal, which, if completed, would be expected to allow the
company to continue to provide its industry-leading technology to
the marketplace following the bankruptcy process and into the
future,” said Kieran Harty, Tintri’s founder and Chief Technology
Officer.
About Tintri
Tintri (NASDAQ: TNTR) offers an enterprise cloud
infrastructure built on a public-cloud like web services
architecture and RESTful APIs. Organizations
use Tintri all-flash storage with scale-out and
automation as a foundation for their own clouds—to build agile
development environments for cloud native applications and to run
mission-critical enterprise applications. Tintri enables users
to guarantee the performance of their applications, automate common
IT tasks to reduce operating expenses, troubleshoot across their
infrastructure, and predict an organization's needs to scale—the
underpinnings of a modern data center. That's why leading cloud
service providers and enterprises, including Comcast, Chevron,
NASA, Toyota, United Healthcare and 20 percent of the Fortune
100, trust Tintri with enterprise cloud. For more
information, visit www.tintri.com and follow us on
Twitter: @Tintri. Tintri has used, and intends to
continue to use, its Investor Relations website and the Twitter
account of @Tintri as means of disclosing material non-public
information and for complying with its disclosure obligations under
Regulation FD.
About DataDirect Networks
DataDirect Networks (“DDN”) is a leading big data storage
supplier to data-intensive, global organizations. For 20 years, DDN
has designed, developed, deployed and optimized systems, software
and storage solutions that enable enterprises, service providers,
universities and government agencies to generate more value and to
accelerate time to insight from their data and information, on
premise and in the cloud. Organizations leverage the power of DDN
storage technology and the deep technical expertise of its team to
capture, store, process, analyze, collaborate and distribute data,
information and content at the largest scale in the most efficient,
reliable and cost-effective manner. DDN customers include many of
the world’s leading financial services firms and banks, healthcare
and life science organizations, manufacturing and energy companies,
government and research facilities, and web and cloud service
providers. For more information, go to www.ddn.com or call
1-800-837-2298.
Forward Looking Statements
This press release contains forward-looking statements,
including but not limited to statements that concern the company’s
bankruptcy filing, its ability to continue to operate the business
as a debtor-in-possession, the receipt of funding by certain
lenders, the approval of various matters by the Bankruptcy Court,
the company’s efforts to enter into a strategic transaction,
including the proposed transaction with DDN, the company’s ability
to continue to provide its technology to the market, repayment of
amounts due to creditors and any return that stockholders may
receive on their shares. These forward-looking statements are not
historical facts, and instead are based on our current
expectations, estimates, opinions, and beliefs. Consequently, you
should not rely on these forward-looking statements. The accuracy
of such forward-looking statements depends upon future events, and
involves risks, uncertainties, and other factors beyond the
company’s control that may cause these statements to be inaccurate
and cause our actual results, performance, or achievements to
differ materially and adversely from those anticipated or implied
by such statements, including, among others, its ability to execute
its restructuring plan, its ability to obtain approval on certain
matters from the Bankruptcy Court, the outcome of any bidding
process as provided for by the Bankruptcy Court, the company’s
ability to meet certain conditions related to its proposed funding
arrangements, and other factors bearing on the company’s ability to
enter into a strategic transaction, including the negotiation and
execution of definitive transaction agreements, as well as other
risks more fully described in the company’s Annual Report on Form
10-K for the fiscal year ended January 31, 2018, filed with
the Securities and Exchange Commission; and other risks and
uncertainties included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in the company’s reports on file with
the U.S. Securities and Exchange Commission (“SEC”),
including the company’s Annual Report on Form 10-K for the year
ended January 31, 2018, which are available on our investor
relations website at https://ir.tintri.com and on
the SEC website at www.sec.gov , or that the
company may file with the SEC following the date of this
press release. All statements provided in this release speak only
as of the date of this press release and, except as required by
law, the company assumes no obligation to update any
forward-looking statements to reflect actual results or subsequent
events or circumstances.
© 2018 Tintri, Inc. All rights
reserved. Tintri and the Tintri logo are
registered trademarks or trademarks of Tintri,
Inc. in the United States and other countries. Other
brand names mentioned herein are for identification purposes only
and may be trademarks of their respective holder(s).
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version on businesswire.com: https://www.businesswire.com/news/home/20180710005814/en/
Press ContactTouchdown PREmily GallagherUS: + 1 (512)
373-8500UK: +44 (0) 1252 717
040tintriUS@touchdownpr.comorInvestor Relations
ContactTintri, Inc.David Jew, 650-772-3838ir@tintri.com
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