The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Moviepass, Inc. on June 3, 2020. The Court approved the sale of certain assets of MoviePass, Inc. to the highest bidder of the auction. To qualify as a qualified bidder, interested parties should submit their bids by June 18, 2020, along with a good faith deposit of 10% of the bid price. The initial minimum overbid should be in the amount of $0.03 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on June 25, 2020. The stalking horse bidder would not be entitled to any break-up fee and expense reimbursement in case of termination of the asset purchase agreement. The sale hearing is scheduled for June 30, 2020.