Fast Radius announced that the U.S. Bankruptcy Court has approved the sale of a majority of its assets to SyBridge Technologies. This decision aims to maximize value and expedite the company's restructuring process under Chapter 11, providing a clear path forward for creditors and customers. The transaction is expected to close shortly. DLA Piper LLP serves as legal advisor, while Lincoln International acts as the investment banker for Fast Radius.
Fast Radius (OTCMKTS: FSRDQ) has entered into an agreement for SyBridge Technologies to acquire its assets for approximately $15.9 million. This acquisition follows a competitive auction under Section 363 of the U.S. Bankruptcy Code, aimed at maximizing value and streamlining the company’s restructuring process. Approval from the United States Bankruptcy Court is pending, with a hearing scheduled for December 12, 2022. The deal is expected to close by the end of 2022, allowing Fast Radius to continue under the Fast Radius brand as part of SyBridge's operations.
SyBridge Technologies announced the acquisition of certain assets of Fast Radius, Inc. (OTCMKTS: FSRD) through its wholly-owned affiliate, SyBridge Digital Solutions LLC. The transaction, which awaits bankruptcy court approval, marks SyBridge's fourteenth acquisition since 2019. Fast Radius, recognized for its digital manufacturing solutions, will operate under its brand within SyBridge. This acquisition aims to enhance SyBridge's capabilities in digital manufacturing and artificial intelligence, supporting a comprehensive product lifecycle solution for customers.