Nogin, Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on December 18, 2023. The debtor seeks the Court?s approval for the sale of its certain assets. B. Riley Principal Investments, LLC, plan sponsor shall act as the stalking horse bidder.

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.