Gritstone bio, Inc. has finalized the sale of a majority of its assets to Seattle Project Corp. for $21.25 million in cash, a transaction that was authorized by the bankruptcy court on December 23, 2024. The sale was completed on Monday, following the company's voluntary Chapter 11 bankruptcy filing on October 10, 2024.
The Emeryville, California-based biotech firm, known for developing biological products, had its common stock suspended from trading on the Nasdaq Global Select Market on October 22, 2024. Since then, the stock has been trading on the OTC Pink Marketplace under the ticker "GRTSQ".
The asset purchase agreement (APA) does not include machinery and equipment assets, certain intellectual property assets referred to as "Binder IP," and other specifically identified excluded assets. Gritstone bio does not plan to file financial statements or pro forma financial statements for the sale due to a lack of required personnel.
Following the closure of the asset sale, several key executives at Gritstone bio have resigned, including President and CEO Andrew Allen, M.D., Ph.D., and other senior officers. Vassiliki "Celia" Economides has taken over as interim CEO in addition to her role as Chief Financial Officer, without changes to her compensation.
The company has cautioned its securityholders that trading in Gritstone's common stock during the Chapter 11 Case is highly speculative and risky, with trading prices potentially not reflecting the actual recovery, if any, for holders in the Chapter 11 Case.
This news is based on a recent SEC filing by Gritstone bio, Inc.
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