Summit Resources Inc entered into asset purchase agreement to acquire all assets of Protea Biosciences Group, Inc (OTCPK:PRGB.Q) for $1.3 million on December 5, 2017. Protea Biosciences Group, Inc will pay a break up fee of $0.10 million if the Summit Resources Inc is not the successful bidder at the auction hearing. The transaction is subject to bankruptcy court approval, execution of employment agreements, execution of consulting agreement and approval of regulatory body. As on January 26, 2018, the transaction was approved by bankruptcy court. Christopher Schueller of Buchanan, Ingersoll & Rooney PC acted as legal advisor to Protea Biosciences Group, Inc. Kirk Burkley of Bernstein-Burkley, P.C. acted as legal advisor to Summit Resources Inc. Summit Resources Inc cancelled the acquisition of all assets of Protea Biosciences Group, Inc (OTCPK:PRGB.Q) on July 26, 2018.