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Wag! Group Co. (OTC:PETXQ) announced that its Chapter 11 bankruptcy reorganization plan was substantially consummated on Monday, resulting in the cancellation of all outstanding shares of common stock and other equity interests in the company. The announcement was made in a press release statement and detailed in a filing with the Securities and Exchange Commission.
The U.S. Bankruptcy Court for the District of Delaware confirmed the company’s First Amended Joint Prepackaged Plan of Reorganization on August 29. Under the terms of the plan, all pre-bankruptcy equity interests in Wag! Group were cancelled as of September 1.
Retriever LLC, the company’s pre-bankruptcy secured creditor and the sole claimant in Class 3 under the plan, received 1,000 shares of new common stock, representing 100% of the equity in the reorganized company, as well as $5 million in principal amount of new notes.
All other classes of creditors, including non-tax priority claims, other secured claims, general unsecured claims, and interests in subsidiary debtors, were classified as unimpaired and deemed to accept the plan. Holders of equity interests in Wag! Group, classified as Class 6, were deemed to reject the plan.
Wag! Group’s common stock and warrants began trading exclusively on the OTC Pink Marketplace on July 31 under the symbols “PETXQ” and “PETWQ,” respectively.
Information regarding the company’s assets and liabilities as of June 30, 2025, is available in its quarterly report on Form 10-Q filed with the SEC on August 7.
The information in this article is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
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