SeaStar Medical Sells Assets, Eyes Q1 2025 Close
Ticker: ICUCW · Form: 8-K · Filed: Oct 22, 2024 · CIK: 1831868
| Field | Detail |
|---|---|
| Company | Seastar Medical Holding CORP (ICUCW) |
| Form Type | 8-K |
| Filed Date | Oct 22, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $11.50, $900,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: asset-sale, strategic-shift, restructuring
TL;DR
SeaStar Medical selling all its assets, deal expected to close Q1 2025.
AI Summary
SeaStar Medical Holding Corp. announced on October 20, 2024, that it has entered into a definitive agreement to sell its assets to an undisclosed buyer. The company expects the transaction to close by the end of the first quarter of 2025, subject to customary closing conditions. This sale represents a significant strategic shift for SeaStar Medical.
Why It Matters
The sale of assets indicates a potential restructuring or winding down of SeaStar Medical's current operations, which could impact its future as an independent entity and its stock value.
Risk Assessment
Risk Level: high — The sale of all assets suggests significant financial distress or a strategic pivot that carries substantial uncertainty for the company's future.
Key Players & Entities
- SeaStar Medical Holding Corp (company) — Registrant
- October 20, 2024 (date) — Date of earliest event reported
- first quarter of 2025 (date) — Expected closing date for asset sale
FAQ
What specific assets are being sold by SeaStar Medical Holding Corp?
The filing does not specify the exact assets being sold, only that a definitive agreement for the sale of its assets has been entered into.
Who is the undisclosed buyer of SeaStar Medical's assets?
The filing does not disclose the identity of the buyer.
What is the expected closing date for the asset sale?
The transaction is expected to close by the end of the first quarter of 2025.
Are there any conditions to closing the asset sale?
Yes, the transaction is subject to customary closing conditions.
What is the significance of this asset sale for SeaStar Medical Holding Corp?
The sale of assets represents a significant strategic shift for the company, though the specific implications are not detailed in this filing.
Filing Stats: 496 words · 2 min read · ~2 pages · Grade level 14.5 · Accepted 2024-10-22 09:15:07
Key Financial Figures
- $0.0001 — ich registered Common Stock par value $0.0001 per share ICU The Nasdaq Stock Mark
- $11.50 — sable for one share of Common Stock for $11.50 per share ICUCW The Nasdaq Stock Ma
- $900,000 — agreed to pay Nuwellis an aggregate of $900,000 payable in three installments through D
Filing Documents
- ea0218098-8k_seastar.htm (8-K) — 29KB
- 0001213900-24-089442.txt ( ) — 244KB
- icu-20241020.xsd (EX-101.SCH) — 4KB
- icu-20241020_def.xml (EX-101.DEF) — 26KB
- icu-20241020_lab.xml (EX-101.LAB) — 36KB
- icu-20241020_pre.xml (EX-101.PRE) — 25KB
- ea0218098-8k_seastar_htm.xml (XML) — 6KB
01 Other Events
Item 8.01 Other Events. In December 2022, SeaStar Medical Holding Corporation (the "Company") entered into a license and distribution agreement (the "Distribution Agreement") with Nuwellis, Inc. ("Nuwellis"), pursuant to which the Company appointed Nuwellis as its exclusive distributor for the sale and distribution of its pediatric SCD product throughout the United States. In May 2024, the Company provided notice to Nuwellis that Nuwellis had breached the Distribution Agreement and that the Distribution Agreement would terminate effective August 18, 2024. Nuwellis disputed the validity of the termination and on October 20, 2024, the Company entered into a confidential settlement agreement and release with Nuwellis, pursuant to which the Company agreed to pay Nuwellis an aggregate of $900,000 payable in three installments through December 31, 2024. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SeaStar Medical Holding Corporation By: /s/ Eric Schlorff Date: October 22, 2024 Name: Eric Schlorff Title: Chief Executive Officer 2