secwatch.observer — SEC 8-K summary
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Issuer:     SPRUCE BIOSCIENCES, INC. (SPRB)
CIK:        0001683553
Form:       8-K
Filed at:   2024-06-18T23:59:59+00:00
Accession:  0000950170-24-074990
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1683553/000095017024074990/0000950170-24-074990-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1683553/000095017024074990/sprb-20240613.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-074990

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer