Fast Radius announces court approval of sale, marketing procedures

By Wendy Van Sickle

Columbus, Ohio, Nov. 14 – Fast Radius, Inc. received approval Monday of its proposed sale and marketing procedure, including a bid deadline of Dec. 5 from the U.S. Bankruptcy Court for the District of Delaware, according to a company news release.

The company reported it is in active discussions with one or more potential patterns and that it continues to explore and evaluate strategic alternatives, including from newly interested parties.

“[Approval of the bid procedures] 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,” Lou Rassey, co-founder and chief executive officer of Fast Radius, said in the release.

The bid procedures allow for a stalking horse bidder to be named by Nov. 23. The Dec. 5 bid deadline will be followed by an auction on Dec. 7 and a target close on Dec. 12

The company has also used the name ECP Environmental Growth Opportunities Corp. The cloud manufacturing and digital supply chain company filed bankruptcy on Nov. 7 under case number 22-11051.

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