Fast Radius, Inc. received approval yesterday from the U.S. Bankruptcy Court for the District of Delaware for its proposed sale and marketing procedures, including a bid deadline of December 5, 2022, according to a press release. The company is in active discussions with one or more potential partners and continues to explore and evaluate strategic alternatives, including from newly interested parties. “We are pleased to have received approval of the bid procedures. This allows us to finish marketing our business and our first-of-its-kind Cloud Manufacturing Platform on an expedited timeline while continuing to serve our customers without interruption,” said Co-Founder and CEO Lou Rassey. “We are excited to continue existing discussions and initiate new ones with potential strategic investors, partners and acquirers as we move through this process.” The bid procedures specifically allow for a stalking-horse bidder, if any, to be named by Nov. 23 and establish a bid deadline of Dec. 5, 2022. The bid deadline will be followed by an auction on Dec. 7 and a target close on Dec. 12, 2022. DLA Piper LLP (US) is serving as legal advisor to the Company, Lincoln International is serving as its investment banker, and Alvarez & Marsal is serving as its financial advisor.
