ViewRay’s Final Chapter: Liquidation Costs and Shareholder Reality

ViewRay US92672L1070

The publicly traded journey of medical technology firm ViewRay has reached its conclusion. As the company winds down its affairs through a Chapter 7 bankruptcy, its shares now trade for a fraction of a cent, reflecting the terminal stage of the liquidation process. Recent court filings detail the administrative costs of dissolving the corporate entity.

Trading under the ticker VRAYQ on the over-the-counter market, ViewRay's stock price stands at approximately $0.002 as of December 5, 2025. This nominal valuation underscores the stark reality for common shareholders in a Chapter 7 proceeding, where creditors hold priority and equity holders typically receive no distribution. The company initially filed for Chapter 11 creditor protection in July 2023 before converting the case to a Chapter 7 liquidation on October 26, 2023.

Court Approves Administrative Fee Requests

The U.S. Bankruptcy Court for the District of Delaware is overseeing the final administrative steps. The court has recently received fee applications from professionals involved in the winding-up process, marking concrete progress in the liquidation.

• Miller Coffey Tate LLP: Serving as the bankruptcy trustee’s accountant and advisor, the firm has submitted its second interim application. It seeks fees of $72,396.62 and expense reimbursement of $365.89 for services rendered from March 1, 2024, through September 30, 2025.
• Bielli & Klauder, LLC: The trustee’s legal counsel has filed for approval of $118,562.50 in fees and $6,258.10 in expenses covering the period from March 1, 2024, to October 31, 2025.

Objections to these applications must be filed by December 10, 2025. A joint hearing for both requests is scheduled for December 19, 2025, in Wilmington, Delaware.

Trustee Pursues Clawback Litigation

Concurrently, the bankruptcy trustee continues to actively pursue "clawback" lawsuits. These legal actions aim to recover payments ViewRay made to third parties within the ninety-day period preceding its bankruptcy filing. Such avoidance proceedings are designed to ensure an equitable distribution among creditors and target recipients of pre-bankruptcy transfers.

The primary activity surrounding ViewRay now resides entirely within the legal system, focused on the orderly liquidation of remaining assets and the resolution of outstanding claims. The upcoming December hearings will represent further administrative milestones in the final settlement of the company's estate.