other material
confidence high
sentiment negative
materiality 0.70
Sonendo loses Biolase stalking-horse auction; expects break-up fee and expense reimbursement
Sonendo, Inc.
- Sonendo was not the winning bidder in Biolase bankruptcy auction held Nov 4, 2024.
- Asset Purchase Agreement will terminate if winning bidder closes; Sonendo not proceeding.
- Sonendo entitled to break-up fee equal to 3% of Purchase Price plus capped expense reimbursement up to $575,000.
- Transaction termination subject to final Bankruptcy Court approval.