Item 1.03 Bankruptcy or Receivership.
BlackRidge Technology International, Inc. (the "Company") filed voluntary
petition (the "Bankruptcy Petition") for reorganization under Chapter 11 of the
United States Bankruptcy Code (the "Bankruptcy Code") in the U.S. Bankruptcy
Court for the District of Nevada (the "Bankruptcy Court") on March 13, 2020.
The Company will continue to operate its businesses as debtor-in-possession
under the jurisdiction of the Bankruptcy Court, and in accordance with the
applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.
Management intends to continue to run day-to-day business operations pursuant
to a debtor-in-possession financing described below, however, all business
actions taken outside of the ordinary course of business must be approved by the
Bankruptcy Court.
In connection with the Chapter 11 case, the Company plans to file a motion
seeking Bankruptcy Court approval of debtor-in-possession ("DIP") financing on
terms yet to be determined (the "DIP Credit Facility"). The DIP Credit
Facility, if approved by the Bankruptcy Court, after notice and hearings would
provide for senior secured super priority term loans to be used to finance the
continued operations of the Company.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 10, 2019, the Company's Board of Directors accepted the resignations of
J. Allen Kosowsky, Thomas Bruderman, and Leo Casusol as directors for the
Company.
© Edgar Online, source Glimpses
BLACKRIDGE TECHNOLOGY INTERNATIONAL, INC. 
