Haarp, the world’s largest privately held harp patent business, is shutting down
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Haarp Inc. is closing its doors and closing its operations, citing “unforeseen circumstances” and declining to give more details.
The Canadian company’s shares have plunged more than 13 per cent since it filed for bankruptcy in July.
The company filed for Chapter 11 bankruptcy protection last month.
Haarp, which produces a wide variety of harp technology including sound recordings, musical instruments, digital audio recording, music processing, and more, has been a key player in the harp business, which has been in decline for more than a decade.
In its filing for bankruptcy protection, Haarp said it was facing challenges with a rapidly growing and rapidly diversifying market.
“The Company is facing challenges due to the rapidly growing business, including competition from other technology players, an evolving marketplace and a variety of industry trends including new technology, a change in market conditions, changes in regulatory requirements, changes to technology pricing, changes on the regulatory landscape, and general economic and competitive factors,” Haarp wrote.
Haarp is also facing a potential loss in annual sales of up to $500 million due to changes in the way patent licensing is handled by the U.S. Patent and Trademark Office.
While Haarp’s filing for Chapter 7 bankruptcy does not spell out the nature of its problems, it did state that it was in the process of filing a new capital plan.
Haarp did not provide details on its plans to refinance or repay its investors, and Haarp had not responded to requests for comment at the time of publication.
Harp’s bankruptcy filing is the latest in a string of corporate bankruptcy filings across the industry, including Google Inc. and Netflix Inc., all of which filed for relief earlier this year.
Haarp Inc. is closing its doors and closing its operations, citing “unforeseen circumstances” and declining to give more details.The Canadian…