---
schema_version: "secwatch.filing_event.v1"
accession: "0001467154-23-000109"
form_type: "8-K"
ticker: null
cik: "0001467154"
company_name: "NVN Liquidation, Inc."
filed_at: "2023-09-27T23:59:59+00:00"
generated_at: "2026-06-10T08:09:23.213936+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Novan completes sale of R&D business and Sitavig to Ligand for $12.15M; common stock likely worthless

## Summary
- 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.

## SEC filing metadata
- accession: 0001467154-23-000109
- form_type: 8-K
- cik: 0001467154
- company_name: NVN Liquidation, Inc.
- filed_at: 2023-09-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.01, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000109/0001467154-23-000109-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000109/novn-20230927.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001467154-23-000109
- JSON: https://secwatch.observer/filing/0001467154-23-000109.json
- Plain text: https://secwatch.observer/filing/0001467154-23-000109.txt

## Key facts
- M&A Transactions
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1467154/000146715423000109/0001467154-23-000109-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.