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GetSwift Sale Process and Auction Completed, Sale of Company’s SaaS assets Approved

GetSwift Technologies Limited, a leading provider of last mile SaaS logistics technology and services, announced that the sale process in respect of the Company’s assets has been completed in accordance with the bidding procedures approved by the U.S. Court on August 12, 2022 (the “Bid Procedures Order”).

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In accordance with the Bid Procedures Order, SF2 GSW, LLC (“SF2”), an affiliate of Stage Equity LLP, was approved as the “stalking horse” bidder for the Company’s SaaS assets. Stage Equity LLP is an arm’s length party with respect to the Company. Prior to the bid deadline set out in the Bid Procedures Order, the Company received a second bid (“REV Bid”) from Retail Ecommerce Ventures LLC (“REV Bidder”). REV Bidder is also an arm’s length party with respect to the Company.

Pursuant to the terms of the Bid Procedures Order: (a) the auction (“Auction”) for the SaaS assets of the Company was conducted on September 28, 2022, concluding at 12:00 PM (EDT) with no further bids being submitted; and (b) the REV Bid constituted the highest and best bid. At the conclusion of the Auction, the debtors declared the REV Bid as the successful bid and REV Bidder as the Successful Bidder. The Company filed a Notice of Successful Bidder on the docket in the Chapter 11 Proceedings on September 29, 2022.

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Pursuant to the Bid Procedures Order, the U.S. Court heard the balance of the relief sought in the Company’s August 12 motion on September 30, 2022 (“Sale Approval Hearing”) requesting entry of an order (the “Sale Approval Order”), among other things: (a) authorizing the sale of the SaaS assets, free and clear of liens, claims and encumbrances and other interests, except as otherwise provided in the Asset Purchase Agreement dated September 19, 2022 (“APA”) between the REV Bidder and GetSwift, Inc. and GetSwift Technologies Limited; (b) approving the assumption and assignment of certain assigned contracts as set out in the APA; and (c) granting related relief.

The U.S. Court granted the Sale Approval Order at the Sale Approval Hearing, being satisfied that the sale process as approved by the Bid Procedures Order afforded a full, fair and reasonable opportunity for any entity or person to make a higher or otherwise better offer to purchase the SaaS assets.

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