FedNat Holding Company filed a motion in the US Bankruptcy Court for the sale of substantially all its assets of Insure-Link, Inc. on December 27, 2022. The debtor seeks the Court's approval for the sale of substantially all assets of Insure-Link, Inc. to NSI Insurance Group, LLC for a purchase price of $1.89 million in cash pursuant to the asset purchase agreement, dated December 27, 2022. To qualify as a qualified bidder, interested parties should submit their bids by February 14, 2023.

The initial minimum overbid should be at least $0.10 million more than the initial purchase price. The debtor has scheduled an auction on February 16, 2023. At the auction, the subsequent bids would be in increments of $0.05 million.

The buyer would be entitled to a break-up fee of 3.5% of the ultimate Purchase Price and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 21, 2023. Sale closing shall occur on February 23, 2023.

The buyer is represented by David Barkus and Danielle Price of Holland & Knight LLP as its legal advisors and Insure-Link, Inc. is represented by Shane G. Ramsey, John T. Baxter, B. Keith Poston of Nelson Mullins Riley & Scarborough LLP as its legal advisors.