2023-04-12 19:19:39 ET
- PLx Pharma ( NASDAQ: PLXP ) on Wednesday said it intended to file for bankruptcy and had entered into a stalking horse asset purchase deal to sell its drug-delivery platform and brand of aspirin capsules.
- Shares of the micro-cap company rose 9.2% to $0.10 after hours.
- The company said it had struck the stalking horse deal with PLx Acquisition Co, a unit of the buyer Greenwood Brands LLC.
- The assets to be put up for sale include the company's clinically-validated drug delivery platform PLxGuard and its FDA-approved aspirin capsules Vazalore.
- PLXP said it intends to file for bankruptcy in a court in Delaware within the next two business days.
- As per the stalking horse deal, the purchase price consists of $100K in cash, a credit bid of $3M and the assumption of certain liabilities by Greenwood Brands.
- PLXP's announcement on Wednesday comes after a sustained recent run of weak financial performances. In November last year, the company reported Q3 revenue that cratered more than 90% Y/Y.
- On Tuesday, the company was notified that its securities would be delisted from Nasdaq on April 13.
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PLx Pharma intends to file for bankruptcy, inks stalking horse deal; stock +9% after hours