GetSwift Commences Sale of Software Assets via Financial Restructuring Process

Enters into an Asset Purchase Agreement with SF2 GSW, LLC (“SF2”), an affiliate of Stage Equity Partners, for a “stalking horse” bid for the sale of substantially all of the Company’s SaaS business, which bid is subject to higher and better offers through a competitive auction process.

Files voluntary Subchapter V petitions for Chapter 11 protection to implement a restructuring and sale of most of its software assets.

GetSwift will continue operating its business throughout the sale process.

Company continues to evaluate other strategic alternatives to maximize stakeholder value of all assets

GetSwift Technologies Limited a leading provider of last mile SaaS logistics technology and services, announced that it has commenced a voluntary Subchapter V filing within the Chapter 11 process to maximize value for all stakeholders. As part of this process, the Company filed voluntary petitions for reorganization in the United States Bankruptcy Court for the Southern District of New York for itself and its operating subsidiary, GetSwift, Inc., and intends to seek recognition of the Chapter 11 cases in the Ontario Superior Court of Justice (Commercial List) pursuant to the Companies’ Creditors Arrangement Act (Canada) (“CCAA”). In addition, the Company’s Australian subsidiary GetSwift Limited was placed into Liquidation on July 29, 2022, with Kate Conneely and Rahul Goyal of KordaMentha serving as the appointed Liquidators.

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“This reorganization is the best way to ensure business continuity for our customers” said Joel Macdonald, Co-Founder and Acting-CEO of GetSwift. “The Subchapter V process provides an efficient and equitable mechanism to maximize value for all stakeholders.”

As part of the reorganization process, the Company will file customary “First Day” motions to allow it to maintain its operations in the ordinary course. GetSwift intends to pay its employees in the usual manner and continue their primary benefits without disruption. The Company expects to receive Bankruptcy Court approval for all these routine requests.

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The Company has also notified the NEO Exchange of the filing and it is expected that all trading in its common shares will be suspended pursuant to the rules of the NEO Exchange.

Under Section 363 of the U.S. Bankruptcy Code, subject to Bankruptcy Court approval, SF2 will serve as the “stalking horse” bidder, establishing a minimum value for substantially all of the Company’s SaaS assets. In order to maximize the purchase price, the proposed bidding procedures would allow for additional qualified prospective bidders to participate in an auction process. SF2 and the Company are arm’s length parties and the proposed transaction described in the Asset Purchase Agreement between the Company and SF2 is not a related party transaction.

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