Enjoy Technology, Inc., Enjoy Technology Operating Corp. and Enjoy Technology LLC filed an asset purchase agreement in the US Bankruptcy Court for the sale of substantially all its assets on July 25, 2022. As per the agreement dated July 25, 2022, seeks the Court's approval for the sale of substantially all its assets to Asurion, LLC, the stalking horse bidder, for a purchase price of $110 million in cash less the amount of the customer holdback amount less the aggregate amount of any unpaid and outstanding DIP facility including the principal and interest balance thereof less any fees, costs or expenses provided for under the Final DIP Financing Order less any portion of the HSR Filing Fee that remains unsatisfied by sellers less the amount of the cure costs.

The buyer would be entitled to a break-up fee of 3.0% of the purchase price and expense reimbursement of $0.50 million in case of termination of the asset purchase agreement. The buyer is represented by F. Mitchell Walker, Jr. & Eric J. Knox of Bass, Berry & Sims PLC as its legal advisors and the debtor is represented by Miguel Vega, Rachel Proffitt and Cullen Speckhart of Cooley LLP as its legal advisors.