PLx Pharma, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all assets on April 13, 2023. The debtor seeks the Court?s approval for the sale of substantially all assets to Market Performance Group, LLC and Greenwood Brands, LLC, the stalking horse bidder, 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, along with good-faith deposit in the amount of $0.20 million.

The initial minimum overbid should be at least $0.1 million more than the initial purchase price. The debtor has scheduled an auction on May 22, 2023. 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 $0.10 million and expense reimbursement of $0.40 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 25, 2023. The sale closing shall be occurred on or before May 30, 2023.