Sonic Foundry Faces Receivership and Board Resignation

Sonic Foundry (SOFO) has shared an announcement.

Sonic Foundry has assigned a Receiver to manage and potentially sell its assets, with the proceeds going to creditors, following an event of default under their agreement with Mark Burish. Shareholders are warned they might not receive anything and face high risks, as the company’s stock trading is speculative during the receivership. Moreover, the entire board of directors has resigned, though not due to any dispute. Further details about the receivership can be accessed through the Wisconsin Circuit Court’s records.

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