FitLife Brands closes acquisition of substantiall all MusclePharm assets

FitLife Brands announced that on October 10, 2023, it successfully closed the acquisition of substantially all of the assets of MusclePharm Corporation as previously approved by the US Bankruptcy Court for the District of Nevada. Through the asset purchase transaction under Section 363 of the US Bankruptcy Code, the Company acquired substantially all of the assets and assumed none of the liabilities of MusclePharm other than de minimus cure costs relating to certain assumed contracts. Total consideration for the acquisition was approximately $18.5 million cash. Of this amount, $10.0 million was funded using proceeds from a new term loan provided by First Citizens Bank, with the remainder funded from FitLife’s available cash balances.