Nine months after going public, Fast Radius, Inc., Chicago, Illinois, USA, has received approval from the United States Bankruptcy Court for the District of Delaware for its proposed sale and marketing procedures. The company is said to be in active discussions with one or more potential partners and is continuing to explore and evaluate strategic alternatives, including from newly interested parties.
As part of the approval, a bid deadline of December 5 was named, followed by an auction on December 7 and a target close on December 12, 2022.
“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,” stated Lou Rassey, co-founder and CEO of Fast Radius. “We are excited to continue existing discussions and initiate new ones with potential strategic investors, partners and acquirers as we move through this process.”
Court filings and other information related to the proceedings are available on a separate website administered by the company’s noticing agent, Stretto, here.