Gritstone bio, Inc.
Form Type: 8-K
Filing Date: 2025-01-03
Corporate Action: Bankruptcy
Type: New
Accession Number: 000119312525001488
Comments: Gritstone bio, Inc. filed for Chapter 11 bankruptcy on October 10, 2024. The Bankruptcy Court authorized an asset sale on December 23, 2024. On December 30, 2024, the company entered into an asset purchase agreement (APA) with Seattle Project Corp. for the sale of substantially all of its assets, except for certain excluded assets, for $21.25 million in cash. The asset sale was completed on December 30, 2024. Following the sale, several key executives resigned, with Vassiliki ‘Celia’ Economides appointed as the interim CEO and CFO. The company cautions shareholders about trading its stock during the bankruptcy proceedings, indicating that prices may not reflect the actual recovery for shareholders.
Document Link: View Document
Additional details:
Item 1 01: Asset Purchase Agreement
Item 1 03: Bankruptcy filing
Item 2 01: Completion of asset sale
Asset Sale Price: 21,250,000
Effective Date: 2024-12-31
Resigned Officers: ["Andrew Allen, M.D., Ph.D.","Matthew Hawryluk, Ph.D.","Erin E. Jones","Karin Jooss, Ph.D."]
New Officer: Vassiliki ‘Celia’ Economides
Role: interim CEO and CFO
Form Type: 8-K
Filing Date: 2024-12-13
Corporate Action: Bankruptcy
Type: Update
Accession Number: 000119312524278626
Comments: On December 9, 2024, Gritstone bio, Inc. provided an update regarding its ongoing Chapter 11 bankruptcy proceedings initiated on October 10, 2024. The Company held an auction for its assets from December 9 to December 12, 2024. Hercules Capital, Inc., Future Solutions Investments LLC, and Seattle Project Corp. emerged as successful bidders for various assets, with total anticipated cash proceeds of approximately $21.25 million, pending Bankruptcy Court approval on December 20, 2024. The document emphasizes the speculative nature of trading in the Company’s Common Stock amidst the bankruptcy, noting potential risks and uncertainties.
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Additional details:
Successful Bidders: [{"bidder_name":"Hercules Capital, Inc.","assets_bid":"machinery and equipment"},{"bidder_name":"Future Solutions Investments LLC","assets_bid":"binder intellectual property"},{"bidder_name":"Seattle Project Corp.","assets_bid":"other assets"}]
Total Proceeds: 21.25 million USD
Secured Lender Credit Bids: {"hercules_capital":"3 million USD","future_solutions":"1.5 million USD"}
Court Approval Date: 2024-12-20