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- Delisting (new) — Nasdaq delisting common shares June 11 due to Chapter 11 bankruptcy filing.
Inotiv files Chapter 11, secures $65.5M DIP financing; Nasdaq delisting June 11
Filed June 8, 2026 · Period ending June 4, 2026 · ~1 min read
Key Changes
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Company entered bankruptcy protection June 3, 2026, and secured $65.5M debtor-in-possession financing ($25M new money, $40.5M converting prior debt) to fund operations during reorganization.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Nasdaq will delist common shares effective June 11, 2026 due to bankruptcy filing; company will not appeal. Trading suspended at market open that day.
Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule verify on EDGAR → -
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DIP loans carry expensive distressed terms: SOFR plus 11.5% interest (14% minimum), paid in kind with 3.5%-4.5% upfront premiums, all adding to debt balance rather than requiring cash.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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DIP facility matures August 4, 2026 (extendable 30 days with lender consent), pressuring company to complete reorganization within two months or convert to up to $150M exit term loan.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Strict covenants require $5M minimum weekly liquidity, operating receipts within 30% of budget, and disbursements within 20% of budget—violations could accelerate debt.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Inotiv filed for Chapter 11 bankruptcy protection on June 3, 2026, and immediately secured $65.5 million in debtor-in-possession financing to fund operations during reorganization. The DIP facility includes $25 million in new money ($16 million available immediately, $9 million delayed draw) and $40.5 million converting existing bridge debt.
The financing carries distressed terms—SOFR plus 11.5% interest with a 14% floor, all paid in kind along with 3.5%-4.5% upfront premiums that increase the debt balance rather than requiring cash outlays. Upon emergence, the company expects to convert this into a up to $150 million exit term loan.
Retail holders face immediate consequences: Nasdaq will delist the common shares effective June 11, 2026, with trading suspended at market open. The company is not appealing. The DIP facility's August 4 maturity (extendable 30 days with lender consent) creates urgency to complete reorganization within roughly two months. Strict covenants—$5 million minimum weekly liquidity, operating receipts within 30% of budget, disbursements within 20%—leave little room for operational missteps. Equity holders typically face severe dilution or total loss in Chapter 11 proceedings as creditors are paid first.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 5, 2026, (the “Closing Date”), the Company, as borrower, its subsidiary guarantors party thereto (the guarantors, together with the Company, the “Loan Parties”), the lenders party thereto (the “DIP Lenders”), and Acquiom Agency Services LLC, as administrative agent and collateral agent, entered into a Superpriority Secured Debtor-In-Possession Credit Agreement (the “DIP Credit Agreement”), providing for a senior secured superpriority priming term loan debtor-in-possession credit facility in an aggregate principal amount of $65.5 million (the “DIP Facility”, and such loans thereunder the “DIP Loans”).
Inotiv entered into a $65.5 million debtor-in-possession credit facility to fund operations during its Chapter 11 bankruptcy proceedings filed June 3, 2026. The facility consists of $25 million in new money term loans ($16 million immediately available, $9 million delayed draw) and $40.5 million in roll-up loans converting prepetition bridge facility debt. This financing is critical to maintaining operations while the company reorganizes under bankruptcy protection.
Added in current filing · verify on EDGAR →
Upon the emergence of the Company and certain of its affiliates from the voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the “Chapter 11 Cases”) filed in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) on June 3, 2026 (the “Petition Date”), the Loan Parties expect to enter into a senior secured first lien exit term loan facility (the “Exit Term Loan Facility”) in an aggregate principal amount of up to $150 million (inclusive of paid-in-kind interest, fees, original issue discount, and premiums). All outstanding obligations under the DIP Facility will be converted dollar-for-dollar into exit term loans under the Exit Term Loan Facility. The New Money Term Loans and the Roll-Up Loans converted into term loans under the Exit Facility will be subject to an exit premium of 4.5%, which shall be paid in kind.
Upon emerging from bankruptcy, Inotiv plans to convert the DIP facility into an exit term loan of up to $150 million, with all DIP obligations converting dollar-for-dollar plus an additional 4.5% exit premium paid in kind. The $150 million ceiling includes all accrued interest, fees, and premiums, providing visibility into the company's anticipated post-bankruptcy debt load.
Added in current filing · verify on EDGAR →
The DIP Facility will terminate on the earliest to occur of: •August 4, 2026; provided, further, that such date may be extended by 30 days with the written consent of the lenders having the requisite consent rights under the DIP Credit Agreement, •the date on which the obligations under the DIP Credit Agreement are accelerated and become due and payable following an event of default, •the effective date of any chapter 11 plan for the borrower or any other Loan Party that is a debtor in the Chapter 11 Cases, •the date on which all or substantially all assets of the borrower are sold or otherwise disposed of pursuant to Section 363 of Title 11 of the United States Code (the “Bankruptcy Code”), and •the date that is forty-five (45) calendar days after the Petition Date (or such later date acceptable to the requisite lenders under the DIP Credit Agreement in their sole discretion) if the final order with respect to the DIP Credit Agreement has not been entered prior to the expiration of such period.
The DIP facility has a tight timeline, maturing August 4, 2026 (two months from closing), extendable by 30 days with lender consent. This short maturity pressures Inotiv to complete its bankruptcy reorganization quickly. The facility also terminates if the bankruptcy plan becomes effective, assets are sold under Section 363, or if court approval isn't obtained within 45 days of the June 3 petition date.
Event · Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule
Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 4, 2026, the Company was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that Nasdaq had determined to delist the Company’s common shares, no par value per share (the “Common Shares”), in accordance with Nasdaq Listing Rules 5101, 5110(b), and IM‑5101-1 as a result of the Company’s commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on June 3, 2026. The Company does not intend to appeal this determination.
Inotiv received formal notice from Nasdaq that its common shares will be delisted following the company's voluntary Chapter 11 bankruptcy filing on June 3, 2026. The company has chosen not to appeal Nasdaq's determination, accepting the delisting as a consequence of the bankruptcy proceedings.
Added in current filing · verify on EDGAR →
Trading of the Common Shares will be suspended at the opening of business on June 11, 2026, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Common Shares from listing and registration on Nasdaq.
Trading of Inotiv's common shares on Nasdaq will be suspended effective June 11, 2026. Nasdaq will file Form 25-NSE with the SEC to formally remove the shares from listing and registration, ending the company's status as a Nasdaq-listed entity.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify