Zynex Inc SEC Filings

Zynex, Inc. provides an update on its ongoing chapter 11 restructuring and related stock exchange status. The company and certain subsidiaries have been operating under voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas since December 15, 2025.

Zynex has filed a Second Amended Combined Disclosure Statement and Joint Plan of Reorganization that remains consistent with its Restructuring Support Agreement and contemplates an equity transaction with a plan sponsor selected through a sale process. The plan incorporates a Global Settlement among the company parties, an ad hoc noteholder group and the official committee of unsecured creditors.

The plan also establishes a trust for holders of allowed convertible notes claims and general unsecured claims, funded on the plan’s effective date with $750,000 of initial funding, D&O insurance policies and certain estate claims and causes of action. Separately, Zynex notes that its common stock has been delisted from Nasdaq following the chapter 11 filings and now trades on the Pink Limited Market under the symbol ZYXIQ, with deregistration under Section 12(b) to follow effectiveness of Nasdaq’s Form 25. The company cautions that trading in its securities is highly speculative and expects equity holders to experience a significant loss if the restructuring transactions are implemented.

Zynex Inc. is removing its common stock from listing and registration on the Nasdaq Stock Market under Section 12(b) of the Securities Exchange Act of 1934. Nasdaq filed a Form 25, certifying it has complied with its own rules to strike this class of securities from listing and/or withdraw registration on the exchange. The filing also states that Zynex has complied with the exchange’s rules and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of this class of securities.

Zynex, Inc. reports key developments in its ongoing Chapter 11 restructuring. The company previously obtained a $22.3 million senior secured debtor-in-possession term loan, available in three draws of $10.15 million, $5.0 million, and $7.15 million, to support operations during bankruptcy. On January 14, 2026, Zynex executed a first amendment to this DIP credit agreement to extend certain milestones tied to the final DIP order, bidding procedures order, and approval of compensation plans, giving more time to advance the court process.

Also on January 14, the company and its affiliated debtors filed a Combined Disclosure Statement and Joint Plan of Reorganization, which follows the terms of an existing restructuring support agreement. The plan contemplates an equity transaction with a “Plan Sponsor” selected through a sale process and provides that any excess sale proceeds will be distributed as outlined in the plan. Zynex cautions that trading in its securities is highly speculative during the Chapter 11 cases and states it expects equity holders to experience a significant loss on their investment if the restructuring transactions are implemented.

Zynex, Inc. has entered into a senior secured debtor-in-possession credit agreement for a $22.3 million term loan to fund its Chapter 11 restructuring. The DIP facility is available in three draws of $10.15 million, $5.0 million and $7.15 million, and carries 10.0% annual interest paid in kind plus substantial fees, including an upfront fee of $669,000, an exit fee of $669,000 and a $5,000,000 backstop fee, along with a minimum 2.00x return on invested capital. The loan matures on the earliest of 105 days after the Chapter 11 filing, an event of default, or completion of a sale of substantially all assets, and is secured by first-priority liens on nearly all of the company’s assets.

Zynex also received notice that Nasdaq will delist its common stock due to the Chapter 11 cases, with trading to be suspended on December 24, 2025; the company does not intend to appeal. Zynex cautions that trading in its securities is highly speculative and states that equity holders are expected to experience a significant loss on their investment if the contemplated restructuring transactions are implemented.

Zynex, Inc. has filed voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas, beginning a court-supervised reorganization of the company and certain subsidiaries. The company entered a restructuring support agreement with holders of approximately 80% of its 5.00% Convertible Senior Notes due 2026 and arranged a proposed $22.3 million debtor-in-possession term loan facility bearing 10% annual interest to help fund operations during the process.

The restructuring framework contemplates a competitive sale process under a chapter 11 plan, with the DIP lenders acting as stalking-horse bidder and plan sponsor, and milestones targeting interim and final DIP approval, a bid deadline 75 days after the petition date, an auction (if needed), plan confirmation by 95 days, and emergence by 105 days. The Chapter 11 filing triggered an event of default on approximately $60.0 million principal amount of the convertible notes, though enforcement is stayed under the Bankruptcy Code. The company cautions that trading in its stock is highly speculative and that equity holders are expected to experience a significant loss if the restructuring is completed.

Zynex, Inc. (ZYXI) director Paul Aronzon filed an initial Form 3 reporting his beneficial ownership status as of 11/11/2025. The filing states that he is a director of Zynex and that he does not beneficially own any Zynex securities. This is a baseline disclosure required when an insider first becomes subject to reporting rules.

Zynex, Inc. reported a sharp downturn in Q3 2025, posting a net loss of $42.9 million versus net income of $2.4 million a year earlier, driven largely by $30.7 million of impairment charges tied to its Zynex Monitoring Solutions business.

For the first nine months of 2025, net revenue fell to $62.2 million from $146.4 million, and the company recorded a net loss of $73.3 million. Cash and cash equivalents were $13.3 million and accounts receivable $6.7 million as of September 30, 2025, versus total liabilities of $86.7 million, resulting in a stockholders’ deficit of $41.4 million.

Zynex faces significant liquidity pressure, including ongoing suspension of payments from a key government payer and various refund demands. It has $60.0 million of 2023 Convertible Senior Notes due May 15, 2026 and elected not to make a $1.5 million interest payment due in November 2025, entering a 30‑day grace period. Management has concluded that substantial doubt exists about the company’s ability to continue as a going concern and is exploring restructuring alternatives with creditors.

Zynex, Inc. (ZYXI) filed a current report to announce that it released a press release with its financial results for the third quarter of 2025. The press release, dated November 17, 2025, is included as Exhibit 99.1 and is incorporated by reference into the report. The company states that the information in this item, including the press release, is being furnished rather than filed under securities law, which affects how related legal liabilities apply.