Pharmaceutical start-up StrongRoom AI will be liquidated and its assets sold for scraps after creditors voted against a deed of company arrangement that would have allowed it to keep operating.
Administrators HLB Mann Judd had recommended creditors vote to liquidate the company and sell its assets to pharmaceutical entrepreneur Joe Zhou for $3 million. However, after creditors voted to liquidate the company on Thursday, a rival bid was lobbed by early StrongRoom investors Intervalley Partners, at a slightly higher price.
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