Invitae Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on February 14, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to successful bidder. To qualify as a qualified bidder, interested parties should submit their bids by April 10, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least 2% increase in cash more than the initial purchase price The debtor has scheduled an auction on April 17, 2024. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in an aggregate amount not to exceed 3% percent of the Purchase Price in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 2, 2024.