Stein Mart, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on October 30, 2020. The debtor seeks the Court’s approval for the sale of its certain assets to Stein Mart Online, Inc., the stalking horse bidder, pursuant to the asset purchase agreement, dated October 29, 2020. The debtor’s assets include certain intellectual property. To qualify as a qualified bidder, interested parties should submit their bids by November 16, 2020, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid is a cash consideration of $4.22 million. The debtor has scheduled an auction on November 18, 2020. 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 $0.12 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 23, 2020.