The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Winc, Inc. on December 22, 2022. The Court approved the asset purchase agreement between the debtor and Project Crush Acquisition Corp LLC, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $11 million in cash. The debtor's assets include certain cash, inventory, accounts receivable, executory contracts and unexpired leases, intellectual property, permits, licenses, customer lists, books, and records, claims and causes of action, and other related personal property.

To qualify as a qualified bidder, interested parties should submit their bids by January 9, 2023. The initial minimum overbid should be of at least $11.63 million. If the debtor receives any qualified bids then it would hold an auction for its assets on January 11, 2023.

At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.33 million and expense reimbursement of $0.20 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for January 17, 2023.

Sale Closing shall occur no later than January 20, 2023.