FitLife Brands, Inc. entered into an agreement to acquire Substantially all of the assets of MusclePharm Corporation (OTCPK:MSLP.Q) for $18.3 million.

FitLife Brands, Inc. (NasdaqCM:FTLF) entered into an agreement to acquire Substantially all of the assets of MusclePharm Corporation (OTCPK:MSLP.Q) for $18.5 million on September 5, 2023. The Purchase Price is subject to adjustment and is expected to be funded from available cash and the proceeds from a committed $10.0 million term loan from First Citizens Bank with an interest rate equal to the SOFR (secured overnight financing rate) plus 275 basis points. On September 21, 2023, the U.S. Bankruptcy Court for the District of Nevada approved the transaction.

Closing of the sale will occur on or before October 16, 2023. Samuel A. Schwartz of Schwartz Law, PLLC acted as legal advisor to MusclePharm. Todd Feinsmith of Troutman Pepper Hamilton Sanders LLP acted as legal advisor to FitLife Brands.