Pompano Beach, Fla.-based Stimwave Technologies and its affiliate, Stimwave LLC, filed chapter 11 reorganization to sell their assets, the South Florida Business Journal reported. The companies announced New York-based Kennedy Lewis Management agreed to buy their assets and would also provide up to $40 million in debtor-in-possession financing to support Stimwave during bankruptcy. The companies produce neurostimulation devices that aim to relieve chronic pain. In 2018, Stimwave received a $60 million venture capital investment, the largest in South Florida that year. Both companies filed for chapter 11 in U.S. Bankruptcy Court in Delaware on June 15. Stimwave Technologies listed assets between $50 million and $100 million, with liabilities from $10 million to $50 million. The largest unsecured creditor was Palm Harbor-based Oscor Inc., with $616,690 owed over inventory payments.
