BroadVision, Inc. Emerges from Chapter 11 with Confirmation of its Chapter 11 Plan of Reorganization

REDWOOD CITY, Calif., May 15, 2020 (GLOBE NEWSWIRE) -- BroadVision, Inc. (the “Company”) announced that the Company has emerged from Chapter 11 bankruptcy protection, successfully completing its financial restructuring process and implementing its plan of reorganization (the “Plan”), which was confirmed today, May 15, 2020, by order of the U.S. Bankruptcy Court District of Delaware today (the “Confirmation Order”). Certain capitalized terms in this release that are not otherwise defined herein will have the meanings assigned to them in the Plan.

Pursuant to the Confirmation Order, holders of Allowed Claims against the Debtor will receive full payment of their Claims.  Additionally, holders of record of the Company’s common stock (“Debtor Common Stock”) traded on the Nasdaq Stock Market through the close of business on Monday, May 18, 2020 are entitled to receive a cash distribution in the amount of $4.375 per share (assuming no more than 5,142,333 shares are outstanding) (the “Equity Interest Recovery”), plus each holder’s pro rata share of the Company’s cash on hand (including proceeds from the sale of a block of IP addressed owned by the Company) as of the effective date of the Plan. Cash payments may be issued in one or more distributions and will be issued by the Company’s Distribution Trust and in accordance with the Plan.   The Equity Interest Recovery may be less than $4.375 per share of Debtor Common Stock in the event that (A) the Debtor has more than 5,142,333 shares of Debtor Common Stock outstanding (including all Outstanding Shares, Restricted Stock Awards, Restricted Stock Units and Permitted Stock Options, whether or not vested) or (B) the Debtor lacks sufficient Cash (including Cash-on-Hand and proceeds from the liquidation of the IP Addresses) to pay all Case-Related Claims and Expenses and repayment of amounts, if any, incurred by ESW Capital, LLC (“ESW”) in connection with funding such Case-Related Claims and Expenses.

Nasdaq has indicated to the Company that it will suspend trading of the Debtor Common Stock effective as of the close of business on Monday, May 18, 2020.  Nasdaq will file with the Securities and Exchange Commission (the “SEC”) a Form 25 notifying the SEC of Nasdaq’s withdrawal of the Debtor Common Stock from listing on the Nasdaq Stock Market and the intention to withdraw the Debtor Common Stock from registration under the Securities Exchange Act of 1934.