George L. Miller, the chapter 7 trustee of the Estates of the Debtors filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on April 9, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to T-Investments S.r.l. and Andromeda Energy S.r.l., the stalking horse bidder, for a purchase price of $15 million in pursuant to the asset purchase agreement. The debtor?s assets include The Quota, The Patents, The Trademarks ?Gelesis?

and ?Plenity?, and Domain Names. To qualify as a qualified bidder, interested parties should submit their bids by May 7, 2024, along with good-faith deposit in the amount of $0.75 million or 5% of the bid price. The initial minimum overbid should be in the amount of at least $15.74 million.

The debtor has scheduled an auction on May 14, 2024. 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 of $0.45 million (3% of Purchase Price) and expense reimbursement of $0.09 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for May 22, 2024.