American Virtual Cloud Technologies, Inc.: M&A transaction — AVCTQ sells substantially all assets to Skyvera for $6.78M; stockholders likely get nothing

American Virtual Cloud Technologies, Inc.

Asset sale closed March 24, 2023; cash purchase price of $6,780,062 paid by Skyvera, LLC.
Court approved the sale on March 15, 2023 after auction on March 7, 2023.
Company anticipates no proceeds for stockholders; securities to be cancelled under Chapter 11 plan.
Chapter 11 cases filed Jan 11, 2023; disposition of substantially all assets now complete.

Key facts

Extracted from this filing and checked against the source text.

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

American Virtual Cloud Technologies, Inc. completed a disposition involving Skyvera, LLC for $6,780,062 (closed 2023-03-24).

Action: disposition
Counterparty: Skyvera, LLC
Consideration: $6,780,062
Closing: 2023-03-24

Exact text from the filing

disposition of substantially all of the Debtors’ assets. The winning bid at the Auction was submitted by the Purchaser, which agreed to pay cash consideration in the amount of $6,780,062. On March 10, 2023, the Sellers and the Purchaser executed an amended and restated Asset Purchase Agreement (the “Purchase Agreement”), reflecting the cash purchase price of

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Source: SEC EDGAR

accession 0001213900-23-022845

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