The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Fast Radius, Inc. on November 14, 2022. The deadline line to elect stalking horse bidder is November 23, 2022. To qualify as a qualified bidder, interested parties should submit their bids by December 5, 2022.

The initial minimum overbid should be in the amount of $0.1 million more than the initial purchase price. If the debtor receives any qualified bids, then it would hold an auction for its assets on December 7, 2022. At the auction, the subsequent bids would be in increments of $0.1 million.

The stalking horse bidder would be entitled to a break-up fee and expense reimbursement of 3% of proposed cash purchase price in case of termination of the asset purchase agreement. The sale hearing is scheduled for December 9, 2022. Sale closing shall occur on December 12, 2022.