Plastiq receives approval of bid procedures; auction set for July 25

By Sarah Lizee

Olympia, Wash., June 22 – Plastiq, Inc. received approval of the bid procedures for its assets and a stalking horse agreement with Priority Technology Holdings, Inc., according to an order 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, as previously reported.

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

Under the bid procedures, bids are due by 4 p.m. ET on July 20, an auction will take place on July 25, and a sale hearing is scheduled for July 27.

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

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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