Brief: PLx Pharma Inc. Enters Into A Stalking Horse Asset Purchase Agreement To Sell Vazalore And Substantially All Of Its Assets

PLx Pharma Winddown

12/04/2023 22:54

April 12 (Reuters) - PLx Pharma Inc  PLXP.O :
    * PLX PHARMA INC. ENTERS INTO A STALKING HORSE ASSET
PURCHASE
AGREEMENT TO SELL VAZALORE® AND SUBSTANTIALLY ALL OF ITS ASSETS
    * PLX PHARMA INC - INTENDS TO FILE VOLUNTARY PETITIONS FOR
RELIEF
UNDER CHAPTER 11 OF TITLE 11 OF U.S. CODE IN U.S. BANKRUPTCY
COURT WITHIN NEXT 2 DAYS
    * PLX PHARMA INC - PURSUANT TO TERMS AND SUBJECT TO
CONDITIONS OF
APA, PURCHASE PRICE IS $100,000 IN CASH
    * PLX PHARMA INC - APA IS SUBJECT TO CERTAIN CUSTOMARY
CLOSING
CONDITIONS, INCLUDING CERTAIN ORDERS BEING ENTERED BY BANKRUPTCY
COURT.
    * PLX PHARMA INC - APA PROVIDES FOR A BREAKUP FEE EQUAL TO
$100,000 AND FOR REIMBURSEMENT OF UP TO $400,000 OF BUYER'S
EXPENSES
    * PLX PHARMA: PURSUANT TO TERMS & SUBJECT TO CONDITIONS OF
APA,
PRICE ALSO INCLUDES CREDIT BID OF $3 MILLION, AND BUYER'S
ASSUMPTION OF CERTAIN LIABILITIES

Source text for Eikon:  ID:nGNX3V1Hwf 
Further company coverage:  PLXP.O 

 ((Reuters.Brief@thomsonreuters.com;))