DMK Pharmaceuticals Corporation filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on March 21, 2024. The debtor seeks the Court?s approval for the sale substantially all its assets to the stalking horse bidder. The deadline to designate stalking horse bidder is April 12, 2024.

To qualify as a qualified bidder, interested parties should submit their bids by April 26, 2024, along with good-faith deposit in the amount of 10% of the cash consideration of the bid. The initial minimum overbid should be at least $0.10 million more than the initial purchase price. The debtor has scheduled an auction on May 1, 2024.

At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for May 6, 2024, and sale closing shall occur prior to May 10, 2024.