NVN Liquidation, Inc.: M&A transaction — Novan completes sale of R&D business and Sitavig to Ligand for $12.15M; common stock likely worthless

NVN Liquidation, Inc.

Sale of substantially all R&D assets and Sitavig to Ligand for $12.15M cash closed on September 27, 2023.
Bankruptcy Court approved the amended asset purchase agreement on September 12, 2023.
Company warns common stock will likely be cancelled; holders expected to receive no proceeds.
CFO John M. Gay resigned; all employees terminated; CEO and COO retain officer roles.
Stock trades on OTC under NOVNQ after Nasdaq delisting on September 8, 2023.

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

NVN Liquidation, Inc. completed a disposition involving Ligand Pharmaceuticals Incorporated for $12.15 million in cash at closing (closed 2023-09-27).

Action: disposition
Counterparty: Ligand Pharmaceuticals Incorporated
Consideration: $12.15 million in cash at closing
Closing: 2023-09-27

Exact text from the filing

the assets related to the Company’s R&D business and the assets related to Sitavig® (acyclovir 50mg buccal tablets) owned by EPI Health and assumption of certain liabilities for $12.15 million in cash at closing (the “A&R Asset Purchase Agreement”). A copy of the A&R Asset Purchase Agreement was filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K filed

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Source: SEC EDGAR

accession 0001467154-23-000109

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