NanoString Technologies, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on March 10, 2024. The debtor seeks the Court?s approval for the sale of substantially all its assets to Nucleus Buyer, LLC, the stalking horse bidder, for a purchase price of $220 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by April 12, 2024, along with good-faith deposit in the amount of $22 million.

The initial minimum overbid should be at least $2.5 million more than the initial purchase price. The debtor has scheduled an auction on April 16, 2024. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to a break-up fee of 3% of break-up fee and expense reimbursement of 1.5% of cash component in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 22, 2024.