An undisclosed buyer entered into a definitive agreement to acquire Substantially All Assets of Odyssey Semiconductor Technologies, Inc. (OTCPK:ODII) for $9.52 million on March 13, 2024. The asset purchase agreement includes a 20-day "go shop" period expiring on April 1, 2024, which permits the Odyssey Board and its advisors to initiate and solicit alternative acquisition proposals from third parties. Upon completion of the transaction, Odyssey's common stock will most likely cease to be listed on any and all public stock exchanges as soon as is practicable.

Odyssey' currently plans to wind down operations and hopes to pay out a liquidating dividend to the extent funds are available at that point. The asset sale was approved by the Odyssey Board of Directors and is subject to customary closing conditions, including approval by Odyssey shareholders. Craig-Hallum Capital Group LLC is assisting Odyssey with the Go Shop.

Robinson Cole LLP is serving as legal counsel to Odyssey.