US Bankruptcy Court gave an order approving the sale of the substantially all the assets related to Biossance brand on December 12, 2023. The debtor has been authorized to sell substantially all Biossance brand?s assets to THG Beauty USA, LLC, the winning bidder at the auction, for a purchase price of $20 million. At the auction held, THG Beauty USA, LLC emerged as the winning bidder by offering a purchase price of $20 million whereas Ayala Cove Bidco LLC is selected as the backup bidder.

Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of $2 million upon the execution of the agreement.