Zynex (NASDAQ: ZYXI) advances Chapter 11 plan, warns of major equity losses

Rhea-AI Filing Summary

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.

Positive

• None.

Negative

• Zynex is in Chapter 11 bankruptcy proceedings, with the cases jointly administered in the U.S. Bankruptcy Court for the Southern District of Texas under Case No. 25-90810.
• The company expects its equity holders to experience a significant loss on their investment if the restructuring transactions outlined in the plan are implemented, and notes the likelihood of common stock cancellation among disclosed risks.
• Zynex’s common stock has been suspended from Nasdaq trading, is quoted on the Pink Limited Market under “ZYXIQ,” and is pending formal delisting and deregistration once a Form 25 process is completed.

Insights

Distressed capital structure analyst

Zynex advances Chapter 11 plan and DIP milestones, but signals likely severe equity losses.

Zynex, Inc. is operating under Chapter 11 and has a $22.3 million debtor-in-possession term loan, drawn in three tranches, to fund the business while the restructuring proceeds. The first amendment to the DIP credit agreement on January 14, 2026 extends milestones for entry of the final DIP order, bidding procedures, and approval of compensation plans, indicating the restructuring timeline is being adjusted rather than abandoned.

On the same date, the company parties filed a Combined Disclosure Statement and Joint Plan of Reorganization consistent with a prior restructuring support agreement. The plan envisions an equity transaction with a Plan Sponsor chosen via a sale process, with any Excess Sale Proceeds distributed as the plan specifies. Zynex explicitly warns that trading in its securities is highly speculative during the Chapter 11 cases and states it expects equity holders to suffer a significant loss on their investment if the restructuring transactions occur, and notes the likelihood of common stock cancellation among the risks.

These disclosures point to a capital structure outcome primarily oriented around creditor recoveries, with common shareholders positioned at the bottom of the recovery waterfall. Market participants following Zynex’s process may focus on subsequent court approvals of the final DIP order and confirmation of the plan, as well as the selection of a Plan Sponsor in the sale process, as described in the plan documents.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): January 14, 2026

ZYNEX, INC.

(Exact name of registrant as specified in its charter)

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Nevada	001-38804	90-0275169
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

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9655 Maroon Circle, Englewood, CO (Address of principal executive offices)	80112 (Zip Code)

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Registrant’s telephone number, including area code: (800) 495-6670

Not Applicable

(Former name or former address, if changed since last report.)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	ZYXI	The Nasdaq Stock Market LLC*

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

*On December 17, 2025, Zynex, Inc. (the “Company”) received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that Nasdaq had determined to delist the Company’s common stock as a result of the Company and certain of its subsidiaries commencing voluntary cases under chapter 11 of title 11 of the United States Code on December 15, 2025. On December 24, 2025, the Company’s common stock was suspended from trading on Nasdaq and began trading on the Pink Limited Market, operated by OTC Markets Group, under the symbol “ZYXIQ.” The delisting of the Company’s common stock from Nasdaq will become effective 10 calendar days after Nasdaq has filed a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”). The deregistration of the Company’s common stock under Section 12(b) of the Securities Exchange Act of 1934, as amended, will be effective 90 days, or such shorter period as the SEC may determine, after the filing of the Form 25.

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Item 1.01. Entry into a Material Definitive Agreement.

As previously reported, beginning on December 15, 2025 (the “Petition Date”), Zynex, Inc. (the “Company”) and certain of its subsidiaries (collectively, the “Company Subsidiary Parties” and together with the Company, the “Company Parties”) filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Court”). The Chapter 11 Cases are being jointly administered under the caption In re Zynex, Inc., et al., Case No. 25-90810.

As previously reported, on December 17, 2025, following receipt of interim approval from the Court (the “DIP Order”), the Company entered into a $22.3 million delayed draw senior secured debtor-in-possession term loan available in three draws of $10.15 million on initial draw, $5.0 million on the second draw, and $7.15 million on the third draw (the “DIP Facility”) on the terms and conditions set forth in the DIP Facility credit agreement (the “DIP Credit Agreement”) between the Company Parties, the DIP Lenders and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Collateral Agent”). On January 14, 2026, the Company entered into the first amendment to the DIP Credit Agreement (the “Amendment”), by and among the Company Parties, certain DIP Lenders and the Collateral Agent to extend certain milestones related to entrance of the final DIP Order, the bidding procedures order and the order granting approval of certain compensation plans.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached as Exhibit 10.1 hereto and incorporated by reference herein.

Item 1.03 Bankruptcy or Receivership.

On January 14, 2026, the Company Parties filed with the Court the Combined Disclosure Statement and Joint Plan of Reorganization of Zynex, Inc. and its Affiliated Debtors Pursuant to Chapter 11 of the Bankruptcy Code (as amended, supplemented, or otherwise modified from time to time, the “Disclosure Statement,” “Plan and Disclosure Statement,” or “Plan,” as applicable) [Docket No. 175], as contemplated by the Restructuring Support Agreement, dated December 15, 2025, among the Company Parties and certain consenting creditors (the “RSA”) (the “Restructuring Transactions”). The Plan is consistent with the terms of the RSA and provides for, among other things,  the consummation of an equity transaction with a “Plan Sponsor,” to be determined in connection with a parallel Sale Process (as defined in the Plan) and for Excess Sale Proceeds (as defined in the Plan), if any, to be distributed in accordance with the Plan.

Additional information about the Chapter 11 Cases is available at https://dm.epiq11.com/Zynex. For a copy of the Plan and Disclosure Statement filed with the Court and other documents related to court supervised process, please visit https://dm.epiq11.com/Zynex.

The information regarding the Amendment set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 1.03 by reference.

Item 2.03. Creation of a Direct Financial Obligation or Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information regarding the Amendment set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.

Cautionary Note Regarding the Chapter 11 Cases

The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Cases is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by the holders of the Company’s securities in the Chapter 11 Cases. The Company expects that its equity holders will experience a significant loss on their investment if the Restructuring Transactions are implemented.

Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements,” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including, in particular, any statements about our plans, strategies,

objectives, initiatives, roadmap and prospects. We generally use the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “aim” and similar expressions in this Current Report on Form 8-K to identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements, include, but are not limited to, statements related to the Restructuring Transactions described above, including the Company’s ability to complete the Restructuring Transactions on the terms contemplated by the RSA, on the timeline contemplated or at all, and the Company’s ability to realize the intended benefits of the Restructuring Transactions. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors. Some of these risks and uncertainties include: risks and uncertainties relating to the Chapter 11 Cases, including but not limited to the Company’s ability to obtain Court approval with respect to motions in the Chapter 11 Cases and approval of requisite stakeholders and confirmation by the Court of the Plan, the effects of the Chapter 11 Cases on the Company and its various constituents, the impact of Court rulings in the Chapter 11 Cases, the ultimate outcome of the Chapter 11 Cases in general, the length of time the Company will operate under the Chapter 11 Cases, attendant risks associated with restrictions on the Company’s ability to pursue its business strategies while the Chapter 11 Cases are pending, risks associated with third-party motions in the Chapter 11 Cases, the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity, the likelihood of the cancellation of the Company’s common stock in the Chapter 11 Cases, uncertainty regarding the Company’s ability to retain key personnel and management, uncertainty and continuing risks associated with the Company’s ability to achieve its goals and continue as a going concern. Such risks and other factors also include those listed in Part II, Item 1A. “Risk Factors” and in Part I, Item 1A. “Risk Factors” in our 2024 Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on July 24, 2025, Part II, Item 1A. “Risk Factors” of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 filed with the SEC on July 31, 2025, Part II, Item 1A. “Risk Factors” of the Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the SEC on November 17, 2025, and our other filings with the SEC. When considering these forward-looking statements, you should keep in mind the cautionary statements in this report and the documents incorporated by reference. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no obligation to update any forward-looking statements after the date of this report as a result of new information, future events or developments, except as required by applicable laws and regulations.

You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those identified herein, could cause our results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, we do not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of the filing of this Current Report on Form 8-K or to reflect the occurrence of unanticipated events or otherwise.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	​ ​ ​	Description
10.1	​	First Amendment to Senior Secured Debtor-In-Possession Credit Agreement, dated as of January 14, 2026, among Zynex, Inc., the guarantors party thereto, the lenders party thereto and Wilmington Savings Fund Society, FSB, as Administrative Agent and Collateral Agent.
104	​	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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DATED: January 15, 2026	ZYNEX, INC.
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​	By:	/s/ Vikram Bajaj
​	Name:	Vikram Bajaj
​	Title:	Chief Financial Officer

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FAQ

What bankruptcy process is Zynex, Inc. (ZYXI) currently undergoing?

Zynex, Inc. and certain subsidiaries have filed voluntary petitions under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. The cases are jointly administered under the caption In re Zynex, Inc., et al., Case No. 25-90810.

What is the size and structure of Zynex’s debtor-in-possession (DIP) financing?

Zynex has a $22.3 million delayed draw senior secured DIP term loan, available in three draws: $10.15 million on the initial draw, $5.0 million on the second draw, and $7.15 million on the third draw, under a DIP credit agreement with certain lenders and Wilmington Savings Fund Society, FSB as administrative and collateral agent.

What did the January 14, 2026 amendment to Zynex’s DIP credit agreement change?

On January 14, 2026, Zynex entered into a first amendment to the DIP credit agreement to extend certain milestones related to entry of the final DIP order, the bidding procedures order, and the order approving certain compensation plans. The full amendment is filed as Exhibit 10.1.

What restructuring plan has Zynex, Inc. filed with the bankruptcy court?

On January 14, 2026, the company parties filed a Combined Disclosure Statement and Joint Plan of Reorganization consistent with a Restructuring Support Agreement. The plan provides for an equity transaction with a Plan Sponsor selected through a sale process and for any Excess Sale Proceeds to be distributed as specified in the plan.

How does Zynex describe the risk for its common shareholders during the Chapter 11 cases?

Zynex cautions that trading in its securities is highly speculative and poses substantial risks during the Chapter 11 cases. It states that trading prices may bear little or no relationship to actual recoveries and that it expects equity holders will experience a significant loss on their investment if the restructuring transactions are implemented.

What is the current trading status of Zynex, Inc.’s common stock?

Following a Nasdaq delisting determination tied to the Chapter 11 filings, Zynex’s common stock was suspended from trading on Nasdaq on December 24, 2025 and began trading on the Pink Limited Market, operated by OTC Markets Group, under the symbol “ZYXIQ”. Formal delisting and deregistration will follow the Form 25 process.

Where can investors find more information about Zynex’s Chapter 11 cases and plan?

Additional information, including the Plan and Disclosure Statement and other court filings, is available at https://dm.epiq11.com/Zynex, which hosts documents related to the court-supervised process.