American Virtual Cloud Technologies, Inc. filed an amended and restated asset purchase agreement in the US Bankruptcy Court for the sale of substantially all its assets on March 13, 2023. As per the agreement dated February 14, 2023, seeks the Court's approval for the sale of substantially all its assets to Skyvera, LLC, the winning bidder, for a purchase price of $6.78 million in cash plus the additional cash price, if applicable plus buyers' assumption of assumed liabilities minus the deferred revenue adjustment amount. The buyer would be entitled to a break-up fee of $0.11 million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement.

The buyer is represented by Robyn Siers of Jones & Spross, PLLC as its legal advisor and the debtor is represented by Michael D. Sirota and David M. Bass of Cole Schotz P.C. as its legal advisors.