At the beginning of November we described the financial problems of selected companies from the 3D printing industry – including Fast Radius – a large American company providing 3D printing services, listed on NASDAQ. Despite its relatively recent IPO, the company announced that it had filed for Chapter 11 Bankruptcy and was urgently looking for an investor willing to take over its assets and resources. It has finally succeeded – yesterday it was announced that SyBridge Technologies will acquire the assets of Fast Radius after a comprehensive sale process and competitive auction conducted in accordance with U.S. Section 363. bankruptcy code.
Created in 2019, SyBridge is a platform that builds and integrates companies involved in the production of industrial tooling and injection molds. Following the acquisition by SyBridge, Fast Radius will expand its digital production and software business while continuing to market under its current name. SyBridge Technologies’ offer totals approximately $15.9 million, providing the necessary restructuring and ensuring debtors are reimbursed.
Founded in 2017 and based in Chicago, Fast Radius, Inc. is a cloud manufacturing and digital supply chain company. The Fast Radius Cloud manufacturing platform provides applications and manufacturing solutions that help engineers design, manufacture, and deliver commercial-grade parts.
When Fast Radius reported in November that it had filed for bankruptcy, the company was able to continue operations as normal, including maintaining employee wages and health benefits, paying suppliers for all goods and services upon petition, and continuing all customer and other programs that are necessary to continue business without interruption.
The transaction between Fast Radius and Sybridge Technologies is subject to approval by the United States Bankruptcy Court for the District of Delaware and other customary acquisition conditions. A hearing for court approval is scheduled for December 12, 2022, and the transaction is expected to close before the end of 2022.
Source: www.sybridgetech.com