ID Auto, Inc.: going-concern / distress — PARTS iD emerges from Chapter 11; all equity cancelled; Fifth Star acquires company

As previously disclosed, on February 5, 2024, the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) entered an order [Docket No. 169] confirming the Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of PARTS iD, Inc. and PARTS iD, LLC [Docket No. 14] (the “Plan”). On February 22, 2024 (the “Effective Date”), ID Auto, Inc. (f/k/a PARTS iD, Inc.), a Delaware corporation (the “Company”) and its subsidiary ID Auto, LLC (f/k/a PARTS iD, LLC), a Delaware limited liability company (“PARTS iD, LLC” and together with the Company, the “Debtors”) consummated the reorganization under Chapter 11 of Title 11 of the United States Code through the transactions contemplated with Fifth Star, Inc. (the “Plan Sponsor”) and the Plan became effective.

Sam Yagan will additionally serve as an officer of Reorganized PARTS iD as Chairman