Augmedics, Inc. was selected as the successful bidder to acquire Digital Health Assets from Surgalign Holdings, Inc. (OTCPK:SRGA.Q) for $0.9 million on July 28, 2023. Augmedics?s bid for the digital health assets consists of a cash purchase price of $900,000 and the assumption of certain liabilities. As of July 31, 2023 The sale will close pending approval by the Bankruptcy Court at a hearing set for August 8, 2023. As of August 9, 2023, Augmedics, Inc. entered into an Asset Purchase Agreement to acquire Digital Health Assets of Surgalign Holdings, Inc. (OTCPK:SRGA.Q) for $1.5 million in cash. 10% of the Purchase Price was paid by Augmedics into an escrow account, which may be returned to Augmedics in the event of specified trigger events, including termination of the Digital Asset Purchase Agreement, subject to certain exceptions relating to a breach of the Digital Asset Purchase Agreement by Augmedics. As on August 10, 2023, the Court entered into an order approving and authorizing the Digital Sale.
White & Case LLP is serving as the Company?s legal counsel, Alvarez & Marsal Securities, LLC is serving as investment banker, and Alvarez & Marsal North America, LLC is serving as financial advisor to the Company.