The US Bankruptcy Court gave an order approving the stalking bid agreement relating to the sale of substantially all assets of PLx Pharma Inc. on May 10, 2023. The Court approved the asset purchase agreement between the debtor and the stalking horse bidder, for the sale of substantially all assets for a purchase price of not less than $3.10 million ($0.10 million in cash and $3 million in credit plus other assumed costs). To qualify as a qualified bidder, interested parties should submit their bids by May 19, 2023.

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 May 22, 2023. At the auction, the subsequent bids would be in increments of $0.1 million.

The sale hearing is scheduled for May 25, 2023.