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Ault Alliance to Purchase Architecture, Engineering, and Design Services Firm EYP for USD 68m.

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MANews-(C)2009-2022

Las Vegas-based technology company Ault Alliance, Inc. has agreed to lend approximately USD 12m (inclusive of existing loans) through a super-priority debtor-in-possession (DIP) loan to purchase New York-based architecture, engineering, and design services firm EYP, Inc. and its affiliates for USD 68m, the company said.

The asset purchase agreement constitutes a stalking horse bid in a sale process being conducted under Section 363 of the US Bankruptcy Code.

As such, Ault Alliance's acquisition of EYP's assets remains subject to approval by the United States Bankruptcy Court for the District of Delaware. It is expected that the sale process will be completed by June 2022.

As part of the purchase, Ault Alliance will be able to include the value of its DIP loan as part of its bid at closing.

Ault will acquire all of EYP's assets and make an offer of employment to all current employees of EYP.

EYP specialises in higher education, healthcare, government and science and technology.

The firm offers planning and design, high performance engineering...

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