Akorn Inc fka AKRXQ

[Majic]

Entry into a Material Definitive Agreement.

On June 17, 2020, Akorn, Inc. (the “Company”) entered into a Share Purchase Agreement (the “SPA”) by and among the Company, WorldAkorn Pharma Mauritius (together with the Company, the “Sellers”), Akorn India Private Limited (“Akorn India”) and Biological E. Limited (the “Purchaser”). Pursuant to the SPA, the Sellers have agreed to sell to the Purchaser 100% of the share capital of Akorn India for $10 million in cash, subject to withholding taxes, if any, and adjustment for certain net working capital items, as specified in the SPA. Akorn India owns a manufacturing plant in Paonta Sahib, Himachal Pradesh. The sale of the Company’s equity interests in Akorn India is subject to the approval of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).

The Purchaser’s obligation to consummate the purchase is subject to the fulfilment of certain conditions precedent by the Sellers and Akorn India, including the Company obtaining an approval order from the Bankruptcy Court.

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https://www.sec.gov/ix?doc=/Archives/edgar/data/3116/000110465920074460/tm2022873d1_8k.htm