Can B Corp requests extension in litigation to enjoin Arena's asset sale; seeks replacement financing

Can B Corp

Filed action Dec 20, 2023 to permanently enjoin Arena's UCC Article 9 sale of substantially all assets.
Company argues auction not commercially reasonable and Arena's security interests are invalid.
Arena postponed auction Dec 21; company now seeks extension to Feb 12, 2024 for preliminary injunction decision.
Company is pursuing replacement financing but provides no assurance of success.

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