Zymergen Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on October 3, 2023. The debtor seeks the Court?s approval for the sale of its substantially all its assets to Ginkgo Bioworks Inc., the stalking horse bidder, for a purchase price of $5 million in cash plus the assumption of the Assumed Liabilities pursuant to the asset purchase agreement, dated October 3, 2023. The debtor?s assets include Intellectual Property and Licensed IP, machinery, FF&E, and causes of action, including avoidance actions.

To qualify as a qualified bidder, interested parties should submit their bids by December 5, 2023, along with good-faith deposit in the amount of $0.50 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 December 13, 2023.

At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to an expense reimbursement of $0.25 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for December 18, 2023.