Spruce Biosciences designated back-up bidder for Avexitide assets, net purchase price $34.7M

SPRUCE BIOSCIENCES, INC.

Entered stalking horse agreement June 13 for Avexitide assets; initial purchase price $10M.
After auction June 17, Spruce became back-up bidder; net purchase price $34.7M (after $0.3M fee credit).
Sale to winning bidder subject to Bankruptcy Court approval at hearing scheduled June 26, 2024.
If winning bidder fails to close, Spruce must acquire assets; otherwise receives $0.3M termination fee.
Spruce also assumes specified contractual cure amounts up to $0.3M if it becomes buyer.

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