PLx Enters Stalking Horse Asset Purchase Agreement to Sell VAZALORE, Substantially All Assets

 PLx Pharma Inc. (NASDAQ: PLXP) (“PLx” or the “Company”), is a commercial-stage drug delivery platform technology company focused on its clinically-validated and patent-protected PLxGuard™ and VAZALORE®, an FDA-approved liquid-filled aspirin capsule, available in 81 mg and 325 mg doses. The Company today announced that it entered into a stalking horse asset purchase agreement (the “APA”) with PLx Acquisition Company, LLC, a wholly-owned subsidiary of Greenwood Brands, LLC (“Buyer”), to acquire substantially all of the Company’s assets (the “Sale”).

The Company intends to file voluntary petitions for relief under Chapter 11 of Title 11 of the U.S. Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) within the next two business days. The Sale would also be subject to higher and better offers the Company may receive during an auction process.

Pursuant to the terms and subject to the conditions of the APA, the purchase price is $100,000 in cash, plus a credit bid of $3 million, plus Buyer’s assumption of certain liabilities.

The APA is subject to certain customary closing conditions, including certain orders being entered by the Bankruptcy Court.

The APA remains subject to higher and better offers, as well as approval of the Bankruptcy Court. The APA provides for a breakup fee equal to $100,000 and for reimbursement of up to $400,000 of the Buyer’s expenses incurred in connection with the APA, each of which is payable upon certain termination events as specified in the APA.

The above description of the APA and the transactions contemplated, including the Sale, does not purport to be complete. Please refer to the Company’s Form 8-K, filed with the U.S, Securities and Exchange Commission on April 12, 2023, for the full text of the APA.

https://finance.yahoo.com/news/plx-pharma-inc-enters-stalking-212400196.html