MusclePharm Corporation filed a stalking horse agreement in the US Bankruptcy Court for the sale of substantially all its assets on September 8, 2023. As per the agreement dated September 5, 2023, seeks the Court?s approval for the sale of substantially all its assets to Fitlife Brands, Inc., the stalking horse bidder, for a purchase price of $18.25 million in cash. Under the terms of the asset purchase agreement, the buyer shall make a money deposit of $1.83 million upon the execution of the agreement.

The buyer would be entitled to a break-up fee of $0.37 million and expense reimbursement of $0.05 million in case of termination of the asset purchase agreement. The buyer is represented by Todd Feinsmith of Troutman Pepper Hamilton Sanders LLP as its legal advisor and the debtor is represented by Samuel A. Schwartz of Schwartz Law, PLLC as its legal advisor.