Society Pass Incorporated and SoPa, Inc. opened a two-debtor Chapter 11 case in Houston on May 12, 2026, putting the Nasdaq-listed Society Pass platform into a jointly administered proceeding after weeks of public-company compliance pressure. Bondoro reported that Society Pass and affiliate SoPa filed in the U.S. Bankruptcy Court for the Southern District of Texas, and the court entered a joint administration order the next day designating Society Pass Incorporated, Case No. 26-90525, as the lead case.
The voluntary petition identifies SoPa, Inc. as a corporation with a Singapore principal place of business and a Houston mailing address, while the lead-case order requires future pleadings for the jointly administered cases to be filed on the Society Pass docket. MarketScreener also reported that Society Pass sought joint administration with an affiliate on May 12.
U.S. Bankruptcy Court, Southern District of Texas (Houston Division)
Judge
Hon. Alfredo R. Perez
Petition Date
May 12, 2026
Lead Debtor
Society Pass Incorporated
Ticker
Nasdaq: SOPA
Largest Listed SoPa Unsecured Claim
$11.85 million disputed claim held by Thomas O'Connor
Case Snapshot
Joint Administration Pushes SoPa Into the Society Pass Lead Case
The court's May 13 order consolidated the Society Pass and SoPa cases for procedural purposes only under Society Pass Incorporated's case number, 26-90525. The order says all future pleadings and docket entries should be made in the lead case and that the SoPa docket should direct parties to consult the Society Pass docket for matters affecting the case.
The same joint administration order permits one disclosure statement and plan of reorganization for all debtors by any plan proponent and allows parties to request joint hearings on matters pending in either case. It also states that the order does not substantively consolidate the estates and is without prejudice to any later request for substantive consolidation.
The court also granted complex-case treatment and authorized Stretto's retention as claims, noticing, and solicitation agent. Stretto's application says the debtors paid a $10,000 prepetition advance, asked for emergency relief by 4:00 p.m. on May 13, and proposed that Stretto maintain the claims register, creditor mailing matrices, noticing, proof-of-claim processing, solicitation, and ballot tabulation functions.
The docket now includes opening administrative filings, including complex-case treatment and claims-agent retention entries, but it still does not include a first-day declaration, DIP motion, cash-collateral motion, schedules, statement of financial affairs, sale motion, or plan. The petition and the joint administration order therefore leave the case posture early: future substantive filings are expected to appear on the Society Pass lead docket.
Public-Company Pressure Preceded the Filing
Society Pass was already facing Nasdaq compliance issues before the bankruptcy filing. TradingView reported that Society Pass received a Nasdaq noncompliance notice on April 16, 2026 for failing to timely file its Form 10-K for the year ended December 31, 2025, with a plan submission deadline of June 15, 2026 and a possible extension to October 12, 2026 if Nasdaq accepted the plan.
StockTitan's summary of the company's April 2026 Form 8-K likewise states that Nasdaq issued a delinquency warning because Society Pass had not filed its 2025 Form 10-K on time. That filing-related notice is separate from the Chapter 11 petition, but it places the bankruptcy filing against a public-company reporting and listing backdrop.
The market reaction followed quickly. Finviz's SOPA quote page noted that the May 12 Chapter 11 filing drove a premarket drop in SOPA shares on May 13, 2026. The public-company context matters because Society Pass is the lead debtor and 100% owner of SoPa, according to SoPa's petition.
Petition Lists Society Pass Ownership and an $11.85 Million Disputed Claim
The SoPa voluntary petition lists Society Pass Incorporated as the holder of 100% of SoPa's equity. It also identifies Raynauld Liang, chief executive officer, as the petition signatory and Gabrielle A. Hamm of Schwartz, PLLC as debtor counsel.
The same petition lists Thomas O'Connor, c/o Ethan Brecher Law, as SoPa's largest unsecured creditor, with an $11,853,490.11 disputed claim. Other listed unsecured claims include Centuri Investment Limited at $344,021.61, Sichenzia Ross Ference Carmel at $332,926.81, a name and address on file at $325,541.61, Dennis Nguyen at $57,885.70, Greenridge Global, LLC at $50,000.00, and Litchfield Hills Research LLC at $40,000.00.
The petition's board consent was executed by Jeremy Rosenthal as sole board member. The consent authorized the bankruptcy filing, retention of Schwartz, PLLC, retention of additional professionals, debtor-in-possession financing facilities, postpetition financing documents, debtor-in-possession bank accounts, and related implementation steps.
Financing Authority Is Authorized, But No DIP Terms Are Filed Yet
The SoPa board consent authorizes the company's representative to enter into one or more debtor-in-possession financing facilities to finance the Chapter 11 case and operations going forward. The authorization also covers agreements and amendments needed to obtain postpetition financing.
No DIP financing motion or cash-collateral motion is currently available on the SoPa docket. The absence of filed financing terms means there is no court-disclosed DIP size, lender, pricing, maturity, roll-up structure, budget, adequate-protection package, or professional-fee carve-out to report from the SoPa case record.
Case Timeline
Date
Event
April 16, 2026
Society Pass received a Nasdaq notice tied to its late 2025 Form 10-K, according to TradingView and StockTitan summaries.
May 12, 2026
Society Pass Incorporated and SoPa, Inc. filed Chapter 11 petitions in the Southern District of Texas.
May 13, 2026
The court entered orders jointly administering the cases under Society Pass Incorporated, Case No. 26-90525, granting complex-case treatment, and retaining Stretto as claims, noticing, and solicitation agent.
The next docket checkpoints are on the lead Society Pass case. SoPa's joint administration order directs parties to file future papers in Case No. 26-90525, so the lead docket should contain any first-day operating relief, financing papers, schedules, plan documents, or sale-related filings.
Frequently Asked Questions
Who is the lead debtor in the Society Pass bankruptcy?
Society Pass Incorporated is the lead debtor. The court's joint administration order directs joint administration under Society Pass Incorporated, Case No. 26-90525.
Is SoPa, Inc. a separate bankruptcy case?
Yes. SoPa, Inc. filed its own Chapter 11 voluntary petition under Case No. 26-90524, but the court ordered the case jointly administered with Society Pass for procedural purposes only.
Did the court substantively consolidate Society Pass and SoPa?
No. The joint administration order says it does not effect substantive consolidation and does not prejudice the debtors' right to seek substantive consolidation later.
What is the largest unsecured claim listed by SoPa?
SoPa's 20-largest-creditors list identifies Thomas O'Connor, c/o Ethan Brecher Law, as holding an $11,853,490.11 disputed unsecured claim.
Society Pass sought joint administration https://www.marketscreener.com/news/motion-for-joint-administration-filed-by-society-pass-incorporated-ce7f5bdfdf8df225
received a Nasdaq noncompliance notice https://www.tradingview.com/news/tradingview%3A91f668cc0fdda%3A0-society-pass-received-notice-of-noncompliance/
Nasdaq issued a delinquency warning https://www.stocktitan.net/sec-filings/SOPA/8-k-society-pass-incorporated-reports-material-event-a0028d3b17cd.html
May 12 Chapter 11 filing drove a premarket drop https://finviz.com/quote?t=SOPA
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.