Plastiq sets bid procedures for assets, details stalking horse bid

By Sarah Lizee

Olympia, Wash., May 25 – Plastiq, Inc. detailed its proposed bid procedures and stalking horse bid from Priority Technology Holdings, Inc. in a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

The stalking horse bid includes a cash payment of $27.5 million and assumed liabilities.

The purchase price will also include a payment to lender Blue Torch Finance, LLC and Colonnade Acquisition Corp.

Under the proposed bid procedures, bids would be due by 4 p.m. ET on July 14, an auction would take place on July 18, and a sale hearing would be scheduled for July 24.

The company is hoping to close a sale by July 31.

The hearing to consider approval of the bid procedures is scheduled for June 16.

San Francisco-based Plastiq provides a software platform for business-to-business payment automation. The company filed bankruptcy on May 24 under Chapter 11 case number 23-10671.

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