Following its Chapter 11 bankruptcy filing on August 27, 2026, BioXcel Therapeutics (BTAI) has entered into a debtor-in-possession (DIP) credit agreement to secure up to $77.25 million in financing. This funding is intended to support operations during the company's restructuring process. Concurrently, BTAI received a delisting determination notice from Nasdaq due to the bankruptcy proceedings.
Key Details
- DIP Financing: The company secured a credit facility for up to $77.25 million from affiliates of Oaktree Capital Management, L.P. and the Qatar Investment Authority.
- Facility Structure: The financing consists of up to $19 million in new money loans and up to $58.25 million in "roll-up" loans, which convert a portion of existing prepetition debt. The loans bear a 13.00% annual interest rate and a 4.0% exit fee.
- Nasdaq Delisting: BTAI was notified on August 31, 2026, that its common stock will be delisted from The Nasdaq Capital Market. Trading is scheduled to be suspended at the open of business on September 8, 2026. The company does not intend to appeal.
- Future Trading: The company's stock is expected to trade on the OTC Markets' Pink Limited Market following its delisting from Nasdaq.