Case Study:
Array Photonics
Engagement: Array Photonics
Sonoran's Role: Interim Management and Financial Advisor
Situation
Array Photonics is a semiconductor company located in Arizona. They design and manufacture laser and photodetector arrays for next generation infrared sensing applications, based on its proprietary semiconductor technology. When the company was unable to develop the new technology after hundreds of millions of dollars in equity financing for research and development, ownership decided to shut down the company.
Role of Sonoran
Sonoran was hired as a financial advisor to sell the remaining assets of the company, manage the winddown process, provide accounting and HR services, negotiate payments to unsecured creditors, and manage the company on a day-to-day basis. Sonoran also provided financial analysis and litigation support.
Result
Sonoran is still currently involved in the company but has successfully and efficiently closed operations by handling any employee, litigatory, and accounting issues. Sonoran saved the company hundreds of thousands of dollars by negotiating payment agreements with creditors. Sonoran received multiple bids during the sale process, but ultimately none were accepted by the company in hopes of receiving a higher bid after the pandemic has run its course. Sonoran is currently managing surplus assets sales and other issues.
Other Case Studies
CASE STUDY
Remote CFO & Controller/Bookkeeper
Case Study:
Sunland Home Care & Medical
Sunland Home Care & Medical is a locally owned company based in Mesa, AZ that provides personalized in-home care and home-based medical care services to seniors. The company’s management had decided t...
CASE STUDY
Interim Chief Financial Officer
Case Study:
Jumio
Jumio is a facial recognition software company based in Silicon Valley. The company was unable to raise additional growth capital because the SEC was investigating actions of the previous management t...
CASE STUDY
Forensic Analysis and Chief Financial Officer
Case Study:
Soar Transportation Group (“Soar”)
After a former client had rebranded, Sonoran was asked to investigate the cause of liquidity problems at Soar after a strong year of performance. It was soon discovered that Soar’s controller had been...
