Plastiq receives court approval of sale to Priority Technology

By Sarah Lizee

Olympia, Wash., July 31 – Plastiq, Inc. received approval to sell its assets to stalking horse bidder Priority Technology Holdings, Inc., according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company did not receive any other qualified bids by the deadline.

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.

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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