Fast Radius, Inc.: going-concern / distress — Fast Radius sells substantially all assets to SyBridge for ~$15.85M; no proceeds for common stock holders

Fast Radius, Inc.

Asset Purchase Agreement signed with SyBridge Digital Solutions for ~$15.85M total consideration ($13.321M cash, $0.45M receivables, assumed liabilities).
Bankruptcy Court approved sale on Dec 12, 2022; closing expected on or around Dec 16, 2022.
After paying superpriority lenders, secured lenders, and other liabilities, no proceeds available for common stock holders.
Sale conducted under Section 363 of Bankruptcy Code; Fast Radius filed Chapter 11 on Nov 7, 2022.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Fast Radius, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2022-11-07).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2022-11-07

Exact text from the filing

on November 7, 2022, Fast Radius, Inc. (together with its subsidiaries, “Fast Radius” or the “Company”) filed voluntary petitions under Chapter 11 of Title 11 of the United States Code. The filing was made in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 proceedings are being jointly administered under the caption In re Fast Radius, Inc., et al. , Case No. 22-11051 (the “Chapter 11 Cases”).

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Source: SEC EDGAR

accession 0000950170-22-026549

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