Character.ai Initiates Voluntary Chapter 11 Proceeding to Facilitate Value-Maximizing Sale Process

MENLO PARK, Calif.–(BUSINESS WIRE)–Character Technologies Inc. (“Character.ai” or the “Company”), a pioneering artificial intelligence entertainment platform, today announced that it has commenced a voluntary Chapter 11 case in the U.S. Bankruptcy Court for the District of Delaware (the “Court”) to facilitate a value-maximizing sale of all or substantially all of its assets (the “Sale Process”). The Company intends to continue operating its platform as it conducts the Sale Process. Before the

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