Can B Corp. sues to block Arena's UCC Article 9 sale of substantially all assets; auction postponed

Can B Corp

Filed action in NY Supreme Court on Dec 20, 2023 to enjoin Arena's proposed sale of substantially all assets, citing commercial unreasonableness and invalid security interests.
Arena agreed to postpone auction on Dec 21; Company must advise court by Jan 12, 2024 on proceeding with preliminary injunction motion.
If sale proceeds, Can B would lose substantially all assets; outcome depends on court's assessment of commercial reasonableness and Arena's security interest validity.

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