The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Alfi, Inc. on December 1, 2022. The Court approved the asset purchase agreement between the debtor and Lee Aerospace, Inc, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $0.40 million cash; plus, Cure Amounts in an amount to be determined; plus, a credit bid in the amount of $3.65 million pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by January 18, 2023.

The initial minimum overbid should be in the amount of $4.66 million. If the debtor receives any qualified bids then it would hold an auction for its assets on January 20, 2023. At the auction, the subsequent bids would be in increments of $0.05 million.

The sale hearing is scheduled for January 25, 2023. The sale closing shall be held on January 31, 2023.