PLx Pharma Winddown Corp.: going-concern / distress — PLx Pharma Winddown Corp. completes sale of substantially all assets following Chapter 11 approval

PLx Pharma Winddown Corp.

Sale to PLx Acquisition Company, LLC consummated on May 26, 2023, after Bankruptcy Court approval on May 25.
Company changed name to PLx Pharma Winddown Corp.; common stock trades on OTC Pink under PLXPQ.
Amendment to Asset Purchase Agreement clarified excluded assets, inventory definitions; Buyer Deficiency Claim eliminated.
Monthly operating reports filed for period April 13-30, 2023, covering initial bankruptcy period.
Company cautions trading in common stock is highly speculative; holders may receive no recovery.

item 1.01 item 1.03 item 2.01 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.7

PLx Pharma Winddown Corp. entered chapter 11 in United States Bankruptcy Court (petition 2023-05-26).

Proceeding: chapter 11
Court: United States Bankruptcy Court
Petition: 2023-05-26

Exact text from the filing

Item 1.03 Bankruptcy or Receivership. The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated herein by reference.

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

PLx Pharma Winddown Corp.: Company changed its name to 'PLx Pharma Winddown Corp.' (effective 2023-05-26).

Change: charter amendment
Effective: 2023-05-26

Exact text from the filing

On May 26, 2023, the Company filed an amendment to its Amended and Restated Certificate of Incorporation (the "Charter Amendment") with the Secretary of State of the State of Delaware in order to change its name to "PLx Pharma Winddown Corp.".

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

PLx Pharma Winddown Corp. completed a disposition involving PLx Acquisition Company, LLC (closed 2023-05-26).

Action: disposition
Counterparty: PLx Acquisition Company, LLC
Closing: 2023-05-26

Exact text from the filing

Pursuant to the Asset Purchase Agreement, the Sale was consummated on May 26, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PLx Pharma Winddown Corp. amended Amendment No. 1 to the Asset Purchase Agreement with PLx Acquisition Company, LLC (effective 2023-05-26).

Action: amendment
Agreement: asset purchase
Counterparty: PLx Acquisition Company, LLC
Effective: 2023-05-26

Exact text from the filing

orse asset purchase agreement (the “Asset Purchase Agreement”) with PLx Acquisition Company, LLC, a wholly-owned subsidiary of Greenwood Brands, LLC (the “Purchaser”), to sell substantially all of the Sellers’ assets to the Purchaser pursuant

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Source: SEC EDGAR

accession 0001193805-23-000799

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