Tintri Announces Bankruptcy Filing, Non-Binding Letter of Intent and Financing Commitment

Tintri, Inc. (NASDAQ: TNTR) today announced that, on July 10, 2018, it
filed a voluntary petition for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for the
District of Delaware. Tintri will continue to operate its businesses as
a debtor-in-possession under the jurisdiction of the bankruptcy court.

Tintri intends to continue its efforts to enter into a strategic
transaction, including a sale of the company or its assets, following
the bankruptcy filing. In this regard, the company has entered into a
letter of intent with DataDirect Networks (“DDN”), which contemplates
the purchase of substantially all of the company’s assets by DDN under
Section 363 of Title 11 of the United States Code. The DDN letter of
intent is non-binding and provides no guarantee that a transaction will
be completed. The terms of any potential transaction with DDN, or any
other strategic counterparty, are subject to a number of contingencies,
including the negotiation and execution of definitive transaction
agreements, the completion of a bidding process as provided for by the
bankruptcy court, and final approval of the bankruptcy court.
Consequently, there can be no assurance that Tintri’s efforts to
consummate a strategic transaction, including the proposed transaction
with DDN, will be successful. Furthermore, even if Tintri were to
complete a strategic transaction, the proceeds of any such transaction
may be insufficient to allow the company to pay its creditors in full.
In any event, Tintri does not anticipate that its stockholders will
receive any return on their shares.

Additionally, Tintri has arranged for financing that is intended to
bridge the company to a strategic transaction. This financing is
expected to consist of amounts available under a proposed superpriority
secured debtor-in-possession credit facility with TriplePoint Capital,
LLC, as well as the continued use of accounts receivable collections
under the company’s secured credit facility with Silicon Valley Bank.
This financing is subject to, among other things, the approval of the
bankruptcy court.

“We are very pleased to be closely collaborating with Tintri’s
cofounders, team members, advisors and creditors to develop a winning
plan which is designed to provide Tintri’s customers with continuity in
support of their installed base as well as a winning roadmap for their
long term requirements,” said Alex Bouzari, CEO and co-founder of DDN.

“Tintri looks forward to continuing to work with DDN on its proposal,
which, if completed, would be expected to allow the company to continue
to provide its industry-leading technology to the marketplace following
the bankruptcy process and into the future,” said Kieran Harty, Tintri’s
founder and Chief Technology Officer.

About Tintri

Tintri (NASDAQ: TNTR) offers an enterprise cloud infrastructure built on
a public-cloud like web services architecture and RESTful APIs.
Organizations use Tintri all-flash storage with scale-out and automation
as a foundation for their own clouds—to build agile development
environments for cloud native applications and to run mission-critical
enterprise applications. Tintri enables users to guarantee the
performance of their applications, automate common IT tasks to reduce
operating expenses, troubleshoot across their infrastructure, and
predict an organization’s needs to scale—the underpinnings of a modern
data center. That’s why leading cloud service providers and enterprises,
including Comcast, Chevron, NASA, Toyota, United Healthcare and 20
percent of the Fortune 100, trust Tintri with enterprise cloud. For more
information, visit www.tintri.com and
follow us on Twitter: @Tintri. Tintri has used, and intends to continue
to use, its Investor Relations website and the Twitter account of
@Tintri as means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.

About DataDirect Networks

DataDirect Networks (“DDN”) is a leading big data storage supplier to
data-intensive, global organizations. For 20 years, DDN has designed,
developed, deployed and optimized systems, software and storage
solutions that enable enterprises, service providers, universities and
government agencies to generate more value and to accelerate time to
insight from their data and information, on premise and in the cloud.
Organizations leverage the power of DDN storage technology and the deep
technical expertise of its team to capture, store, process, analyze,
collaborate and distribute data, information and content at the largest
scale in the most efficient, reliable and cost-effective manner. DDN
customers include many of the world’s leading financial services firms
and banks, healthcare and life science organizations, manufacturing and
energy companies, government and research facilities, and web and cloud
service providers. For more information, go to www.ddn.com
or call 1-800-837-2298.

Forward Looking Statements

This press release contains forward-looking statements, including but
not limited to statements that concern the company’s bankruptcy filing,
its ability to continue to operate the business as a
debtor-in-possession, the receipt of funding by certain lenders, the
approval of various matters by the Bankruptcy Court, the company’s
efforts to enter into a strategic transaction, including the proposed
transaction with DDN, the company’s ability to continue to provide its
technology to the market, repayment of amounts due to creditors and any
return that stockholders may receive on their shares. These
forward-looking statements are not historical facts, and instead are
based on our current expectations, estimates, opinions, and beliefs.
Consequently, you should not rely on these forward-looking statements.
The accuracy of such forward-looking statements depends upon future
events, and involves risks, uncertainties, and other factors beyond the
company’s control that may cause these statements to be inaccurate and
cause our actual results, performance, or achievements to differ
materially and adversely from those anticipated or implied by such
statements, including, among others, its ability to execute its
restructuring plan, its ability to obtain approval on certain matters
from the Bankruptcy Court, the outcome of any bidding process as
provided for by the Bankruptcy Court, the company’s ability to meet
certain conditions related to its proposed funding arrangements, and
other factors bearing on the company’s ability to enter into a strategic
transaction, including the negotiation and execution of definitive
transaction agreements, as well as other risks more fully described in
the company’s Annual Report on Form 10-K for the fiscal year
ended January 31, 2018, filed with the Securities and Exchange
Commission; and other risks and uncertainties included under the
captions “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the company’s reports
on file with the U.S. Securities and Exchange Commission (“SEC”),
including the company’s Annual Report on Form 10-K for the year ended
January 31, 2018, which are available on our investor relations website
at https://ir.tintri.com and
on the SEC website at www.sec.gov ,
or that the company may file with the SEC following the date of this
press release. All statements provided in this release speak only as of
the date of this press release and, except as required by law, the
company assumes no obligation to update any forward-looking statements
to reflect actual results or subsequent events or circumstances.

© 2018 Tintri, Inc. All rights reserved. Tintri and the Tintri logo are
registered trademarks or trademarks of Tintri, Inc. in the United
States and other countries. Other brand names mentioned herein are for
identification purposes only and may be trademarks of their respective
holder(s).

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