CHICAGO, Nov. 09, 2022 (GLOBE NEWSWIRE) — Fast Radius, Inc. (Nasdaq: FSRD) (“Fast Radius” or the “Company”) announced today that the United States Bankruptcy Court for the District of Delaware has granted its approval All first-day filings related to the Company’s voluntary Chapter 11 filings filed on November 7, 2022. The ruling allows Fast Radius to continue operations as normal, including:

• maintaining payroll and employee health benefits,
• Paying vendors for all goods and services after the petition,
• Continuation of all customer programs and
• Other programs essential to the smooth running of the business.

In addition, the court has scheduled a hearing for Monday, November 14 to consider the Company’s motion to the sales and marketing procedures, which establishes the timeline and criteria for the submission of bids, including a proposed bid deadline to December 5, 2022.

“We are pleased that the applications of the first day have been approved. This allows us to continue to provide our customers with our cloud manufacturing platform without disruption while maintaining our relationships with our vendors and business partners,” said Lou Rassey, co-founder and CEO of Fast Radius. “We thank our customers for their loyalty and our employees for their tough world as we get through the current environment.”

Court filings and other information related to the proceeding are available on a separate website managed by the Company’s Reporting Officer, Stretto https://cases.stretto.com/fastradius or by calling Stretto representatives toll-free at 1-877-361-4291 or 1-714-384-7055 for calls from outside the United States

DLA Piper LLP (US) is acting as legal counsel to the firm, Lincoln International is acting as investment banker and Alvarez & Marsal is acting as financial advisor. Interested parties can contact Lincoln International for more information at [email protected].

ABOUT FAST RADIUS
Fast Radius, Inc. is a…