Status:  Upcoming/New Filing

Acquirer:  Draper Athena

Acquired:  ATopTech, Inc. (US)

Value:  Unknown

Industry:  Software

In a declaration submitted to the US Bankruptcy Court in Delaware, Jue-Hsien Chern, the CEO of ATopTech, Inc., a Santa Clara, California company that develops software used by engineers to design integrated circuits, stated that ATopTech, and its subsidiaries in India, Israel, Japan, and South Korea, will be restructured under Chapter 11.  (See Declaration of Jue-Hsien Chern in Support of Debtor’s Chapter 11 Petition and First Day Relief, U.S.D. Del., Case 17-10111, Doc.3, Jan. 13, 2017.) According to the filing, as part of its restructuring, ATopTech looked into strategic options and decided to accept an acquisition bid from Silicon Valley venture capital firm Draper Athena, executing a letter of intent on December 2, 2016. (See id., ¶ 25.)  The transaction “will need to comply with regulations issued by and obtain approval from the Committee on Foreign Investment in the United States (“CFIUS”).” (Id., ¶ 27.)