The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all assets of of Nogin, Inc. on January 11, 2024. The Court approved the asset purchase agreement between the debtor and B. Riley Principal Investments, LLC, the stalking horse bidder, for the sale of substantially all assets of of Nogin, Inc. To qualify as a qualified bidder, interested parties should submit their bids by February 16, 2024, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $0.5 million more than the initial purchase price OR in the amount of at least $16 million.

The debtor has scheduled an auction on February 20, 2024. At the auction, the subsequent bids would be in increments of $0.25 million. No bidder would be entitled to a break-up fee or expense reimbursement in case of termination of the asset purchase agreement.

The sale hearing is scheduled for February 29, 2024.