''Uni-Pixel filing for bankruptcy, fires employees; shares -69%

On a Friday eve full of national/political news, Uni-Pixel (UNXL +4.8%) fell 69.2% after hours after an SEC filing says that it's going to file for Chapter 11 bankruptcy.

It hasn't filed petitions yet but expects to in "the next 1-2 business days."

The company has let go all employees effective today.

It says it's obligated to advance expenses for the defense of former executive officers Reed Killion and Jeffrey Tomz against an action brought by the SEC. Uni-Pixel intends to use bankruptcy to sell its assets (including manufacturing equipment, R&D and IP assets) individually or in totality.

Three days ago, Western Alliance Bank notified the company it was in default of a loan and security agreement from last October, and that it was invoking a default rate of prime plus 6.25%. Uni-Pixel says the amount outstanding on that agreement is about $621,000.''