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Enters Into Asset Purchase Agreement with Ault Alliance, Inc.
EYP (“the Company”), an interdisciplinary design firm specializing in the higher education, healthcare, government, and science and technology sectors, announced today that it has reached an agreement through which Ault Alliance, Inc. (“Ault”), would serve as a stalking horse for the purchase of substantially all of its assets of the Company for $67.7 million, plus the assumption of significant liabilities associated with on-going operations as part of a going-concern sale of the Company.
Under the terms of the stalking horse agreement, Ault will retain all EYP’s well-regarded professional staff and acquire substantially all the Company’s assets including all its customer contracts. The agreement allows the Company, under its existing name and brand, to continue its history of growth and fulfill its business strategy for expansion and will provide long-term financial strength to augment its strong operational performance over the last few years.
To achieve its financial objectives and facilitate the sale, EYP and certain affiliates voluntarily filed for protection under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. This process will allow for a prompt sale of the Company, while allowing it to maintain full operations during the sale process. As a result of this process, the Company will be able to address certain non-operating balance sheet liabilities and emerge as a stronger and more competitive force in the marketplace. …
Full story available on Benzinga.com
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