Lucira Health sets bid procedures as it searches for stalking horse

By Sarah Lizee

Olympia, Wash., Feb. 24 – Lucira Health, Inc. is seeking approval of bid procedures for its assets, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

The company said it is working to identify a stalking horse bidder for the sale.

Lucira retained Armanino LLP late last year to help market its assets. However, the company wasn’t able to complete a sale outside the protections afforded by the Chapter 11 process.

Through the bid procedures, the debtor plans to build on its prepetition marketing efforts. Armanino is launching the post-petition process and will be contacting all parties it was communicating with prior to the bankruptcy filing, including those who specifically expressed potential interest in a later process and asked to be kept informed going forward.

Under the proposed bid procedures, Lucira would have until 4 p.m. ET on March 21 to choose a stalking horse bidder.

Bids would be due by 5 p.m. ET on April 3, an auction would be held on April 5, a sale hearing would take place on April 13 and the sale would close by April 20.

Lucira is a medical technology company based in Emeryville, Calif. The company filed bankruptcy on Feb. 22 under Chapter 11 case number 23-10242.

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