IronNet, the cybersecurity firm founded by former NSA director Keith Alexander, has shut down and is headed for bankruptcy.
The company announced the news in a regulatory filing:
On September 29, 2023, given the unavailability of additional sources of liquidity and after considering strategic alternatives, IronNet, Inc. (the “Company”) ceased all activities of the Company and its subsidiaries and terminated the remaining employees of the Company and its subsidiaries. As a result, all of the material business activities and operations of the Company ceased, the Company does not have the ability to satisfy its debts and related obligations, the Company will no longer have the capability to prepare financial statements and other disclosures required for periodic reports for filing with the Securities and Exchange Commission, and the related actual and potential effects on the Company and its subsidiaries will be material and adverse. The board of directors of the Company further authorized the Company to take such actions necessary to prepare for and, subject to final approval by the board of directors to be given at a subsequent meeting, file a voluntary petition for relief under the applicable provisions of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court (the “Bankruptcy Filing”) as expeditiously as possible.
The revelation is an ignominious end to a company that once held quite a bit of promise in the cybersecurity industry.