Greenwood Brands LLC entered into an agreement to acquire Substantially All Assets of PLx Pharma Inc. (OTCPK : PLXP.Q) for $3.1 million on April 12, 2023. Pursuant to the terms and subject to the conditions of the agreement, and subject to section 363(k) of the Bankruptcy Code, the agreement provides for consideration that consists of a partial credit bid of $3 million, plus the potential assumption of certain liabilities, plus $0.1 million in cash. if the bankruptcy court enters an order approving an alternative transaction, the sellers may be required to reimburse the purchaser for its reasonable expenses up to $0.4 million and pay the Purchaser a termination fee of $0.1 million.

Geoffrey Richards of Raymond James & Associates acted as financial advisor to PLx Pharma Inc. Adam H. Friedman of Olshan Frome Wolosky and W. Benjamin Winger and Katie Allison of DLA Piper acted as legal advisor to PLx Pharma.