PlanetArt entered into a non-binding letter of intent to acquire Provide Creations, Inc from FTD Companies, Inc. (OTCPK:FTDC.Q) on June 3, 2019. PlanetArt entered into a definitive asset purchase agreement to acquire Provide Creations, Inc. from FTD Companies, Inc. for $18.1 million on June 23, 2019. The aggregate consideration for the purchased assets, as adjusted pursuant to $18.1 million in cash and the assumption of the assumed liabilities, plus the excess severance amount. The personal creations asset purchase agreement includes a breakup fee of $0.543 million and provides for reimbursement of up to $0.181 million of the PlanetArt’s expenses, each of which is payable upon certain termination events in accordance with the terms of the personal creations asset purchase agreement. The transaction is subject to customary adjustments. The transaction is subject to definitive asset purchase agreement, Bankruptcy Court approval and the satisfaction of any other closing conditions set forth in the definitive agreements. AP Services, LLC provided Chief Restructuring Officer services. Ismail H. Alsheik and Heather Lennox of Jones Day acted as legal advisor, Moelis & Company (NYSE:MC) and Piper Jaffray Companies (NYSE:PJC) acted as financial advisor to FTD Companies, Inc. AP Services, LLC provided Chief Restructuring Officer services. Oppenheimer & Co. Inc. acted as financial advisor, Fox Rothschild LLP, Bryan Cave Leighton Paisner LLP and Culhane Meadows, PLLC acted as legal advisor to PlanetArt. PlanetArt completed the acquisition of Provide Creations, Inc from FTD Companies, Inc. (OTCPK:FTDC.Q) on August 2, 2019. As of August 6, 2019, Bankruptcy Court has approved the transaction on August 1, 2019.