Parties Reach Agreement on Bidding Procedures to Facilitate Robust Sale Process
Jumio Already in Receipt of Seven All-Cash Indications of Interest Higher than Stalking Horse Bid
Auction Scheduled for April 28, 2016, and Sale Hearing Scheduled for April 29, 2016
PALO ALTO, Calif. – Jumio Inc., the fast growing online and mobile credentials authentication company, today announced that Jumio, the “stalking horse bidder” Jumio Acquisition, LLC, and the Official Committee of Equity Security Holders (the “Parties”) have agreed to bidding procedures that maintain the schedule originally proposed by Jumio.
Under the order, which the parties believe will be entered by the Court today, an auction will be scheduled for Thursday, April 28, 2016, and a sale hearing to confirm the winning bidder for Friday, April 29, 2016. In addition, under the order, in the event that the stalking horse bidder is identified as the successful bidder or a back-up bidder at the auction, Jumio Acquisition’s credit bid of Prepetition Secured Claims will be subject to approval at the sale hearing.
This schedule will facilitate an efficient and highly competitive sale process that maximizes value for all Jumio stakeholders. Jumio is pleased to proceed to the next step of this process and looks forward to a successful auction next week.
Jumio is a leading identity management and credentials company that helps businesses reduce fraud and increase revenue while providing a fast, seamless customer experience. The company utilizes proprietary computer vision technology to reduce customer sign-up and checkout friction and verify credentials issued from over 120 countries in real-time web and mobile transactions. Jumio’s products are leveraged by a wide range of clients; from the leading internet companies to start-ups, Fortune 500 and FTSE 350 organizations in the financial services, sharing economy, retail, travel and online gaming sectors. Headquartered in Palo Alto, California, Jumio operates globally, with offices in the US and Europe, and has been the recipient of numerous awards for innovation from leading industry associations.
Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the federal securities laws, including statements regarding ability to obtain the approval of the Bankruptcy Court with respect to motions filed in the bankruptcy proceedings and the timing of the auction and sale hearing. These forward-looking statements are based on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results might differ materially from those in any forward-looking statement due to various factors, including the terms and conditions of any reorganization plan that is ultimately approved by the Bankruptcy Court, and the actions and decisions of equity committee, regulators and other third parties that have an interest in the bankruptcy proceedings. Jumio assumes no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements.
For Jumio Inc.
Joele Frank, Wilkinson Brimmer Katcher
Jed Repko / Monica Chang, 415-869-3950
Andrew Squire, 212-355-4449