Sale of Assets
| Electriq Power, Inc. | Electriq Power Holdings, Inc. |
| Chapter 7 Bankruptcy | Chapter 7 Bankruptcy |
| Case No. 24-14427-MAM | Case No. 24-15235-MAM |
Robert C. Furr, Bankruptcy Trustee
Moecker Auctions, Inc. has been appointed to handle the liquidation of assets valued in excess of $18M+ owned by Electriq Power, Inc. and Electriq Power Holdings, Inc. in their Chapter 7 bankruptcy proceedings. The assets to be liquidated include advanced solar energy storage solutions, smart home battery backup systems, related product lines, software support and technologies, warehouse equipment, tools, hardware, machinery and intellectual property. We are accepting bids concurrently for a bulk offering of all Electric Power assets and by product category, such as those interested in acquiring the battery lines, software, IP, etc.
General details:
- Bid submission deadline: Monday, July 1 at 5:00 PM EST
- Good faith deposit: Bidders are required to submit a good faith deposit along with their bid. The deposit should be the greater of $100,000 or ten percent of the proposed purchase price for the property. This deposit must be wired to the trust account of Furr and Cohen, P.A., with wiring instructions available upon request.
- Inspection | Preview date: Inspection is available on Friday, June 28 by appointment.
- Asset location: San Leandro, CA and Oxnard, CA
- Successful Bid: Following the approval of the Successful Bid at the Sale Hearing, the Closing of the transaction is scheduled to take place promptly after the entry of the Sale Order. The Closing Date is set no later than July 24, 2024, provided that certain conditions are met, such as obtaining a waiver of the 14-day stay pursuant to R. Bankr. P. 6004(h).
- Auction: In the event the Trustee receives more than one timely Qualified Bid by the Bid Deadline, then the Trustee will conduct a virtual public auction. The Auction shall take place on July 8, 2024, beginning at 10:00 AM EST or such other time or place as the Trustee shall notify all Qualified Bidders.
- Buyer’s Premium: There will be no buyer’s premium.
- Check-out | Removal date: TBD
- Payment deadline: Full payment is due prior to July 17, 2024 by 5 PM EST.
- Shipping: Packing and shipping services are not provided.
- Bidding Procedures and Auction Sale Qualification Process
Contact Michael Shirinian at mshirinian@moeckerauctions.com to request access to various evaluation materials (such as inventory, bid/auction procedures, municipal contracts, records, data, agreements, additional photos/video etc.) or call (954) 252-2887 for more information.
Please note, the images below are intended for general use.
TERMS AND CONDITIONS OF SALE:
1. GOOD FAITH DEPOSIT: $100,000.00 REFUNDABLE CERTIFIED FUNDS DEPOSIT and qualified bid is required to bid at this auction. The deposit should be the greater of $100,000 or ten percent of the proposed purchase price for the property. This deposit must be wired to the trust account of Furr and Cohen, P.A., with wiring instructions available upon request. Bidder’s information must be current, complete and accurate and must include full name, email address, phone number and mailing address. Must be 18+ years of age to participate. The deposit is refundable in the event that you do not have any successful winning bids.
2. CUSTOMER DATA: Registering to bid with Moecker Auctions, Inc. will include you in Moecker Auctions, Inc., Inc. customer database and email newsletter database. You will receive notifications regarding current and future events including but not limited to i.e. auctions, liquidations, immediate sales and other information pertaining to our events or services. If you do not wish to be included, you may opt-out by notifying us in writing. We do not share the information collected with third party companies.
3. BUYER’S PREMIUM (BP): There will be no buyer’s premium.
4. INSPECTION/PREVIEW PERIOD: Inspection is prior to the auction commencing. Inspection period is available on Friday, June 28 by appointment only. Please call our office at (954) 252-2887 to schedule an appointment.
5. CONDITION: The sale of property is “AS IS, WHERE IS”, with no warranty or guarantee expressed or implied. The descriptions and images of items appearing in advertising prior to this auction are believed to be correct. Nevertheless, neither those descriptions, inventories, counts, images nor any oral or written statements made by the owner (or his agents or officers) or the Auctioneer (or his agents or officers) concerning any item shall be construed as a guarantee or warranty, either expressed or implied. Inventory, manifest, itemization, lists, counts, quantities etc. are solely estimations and does not guarantee to be verified or accurate. The bidder shall be the sole judge of value, condition, age, genuineness, authenticity, defectiveness, or any other determinative factor. Various items may be shown joined for demonstration purposes; however, bidder should not assume that a lot consists of more than one item simply because various items appear combined or displayed in the same photograph. Moecker Auctions, Inc. will not be responsible for any errors or omissions in the description. If you have questions, ask before bidding. Do not bid on items if you are uncertain of condition or what is being sold. Again, we strongly recommended and encourage you to attend the inspection/preview period. Sale shall be free and clear of liens or encumbrances unless otherwise notified. This is not an absolute auction; all high bids must be confirmed by the Seller. No refunds or exchanges are allowed on any winning bids. In the event that the auction or lot(s) are rejected in any manner, deposits will be refunded within 72 business hours after the termination of the auction.
6. COMPETITIVE BIDDING: The Auctioneer may accept bids from other bidding platforms. Bidding by telephone, facsimile-transmission (fax-in), email, or absentee bidding are offered solely as a convenience and permitted subject to availability, and approval which shall be exercised at Moecker Auctions, Inc. sole discretion. Neither Moecker Auctions, Inc. nor its agents or employees shall be held liable for the failure to execute bids or for errors relating to any transmission or execution thereof.
7. TITLE TRANSFER: Upon the fall of the Auctioneer’s hammer/lots closing, title of the offered lot will pass to the highest bidder acknowledged by the Auctioneer, subject to the conditions set forth by the bankruptcy proceeding, and at such time buyer assumes full risk and responsibility for the lot, agrees to pay the bid amount, plus all fees applicable whether online, in person, by mail, by phone, by facsimile or through an employee or agent. Deposit(s) will not be refunded to purchaser of unpaid invoice(s). Bidder retraction or a change to a bid after an item has been sold, regardless if the lot has been paid in full or pending payment is prohibited. The Auctioneer reserves the right to reject any bid at any time at his sole discretion to protect the integrity of the auction. Any person who bids in bad faith or disrupts the auction may be restricted from bidding.
8. CLAIMS: In no event shall Moecker Auctions, Inc. liability to buyer exceed the purchase price actually paid for an individual item or lot. A buyer’s claim shall be limited to the amount paid for the merchandise, and shall not extend to any obligation, risk, liability, right, claim, remedy for loss of use, revenue or profit, liability of buyer to any third party, personal injury, or any other direct, indirect, incidental or consequential damages. Buyer further acknowledges that each item it purchases at the sale represents a separate transaction, and that no one transaction shall be conditioned upon another transaction. Buyer hereby holds Moecker Auctions, Inc. harmless from: (a.) the acts or omission of any party who provided any items to Moecker Auctions, Inc. for sale, (b.) the acts or omission of the owner or seller of the auction site or the site where the auctioned items are stored, (c.) any claims buyer may have against Moecker Auctions, Inc. Auctioneer’s client(s) or any former owner of the property being sold, (d.) buyer’s failure in any way to properly inspect items and/or fulfill its obligations per the terms and conditions of the sale. In the event buyer provides a deposit or payment using a credit card, buyer acknowledges that it is purchasing under the AS-IS, WHERE-IS terms of the auction and that Buyer shall waive all rights of charge-back based on any claims of misrepresentation, non-delivery or non-performance. Claims or adjustments will NOT be allowed after item/lot has been removed from the premises or after the posted removal date, whether or not the property has been removed.
9. RIGHT TO WITHDRAWAL/CANCELLATION: Moecker Auctions, Inc. reserves the right to withdraw from sale any of the items listed in the catalog/brochure before, during, or after the auction without liability. In addition, Moecker Auctions, Inc. reserves the right to cancel the sale at any time for any given reason.10. DISPUTES: The Auctioneer shall designate the winning bidder after each item is auctioned. If a dispute arises between two or more bidders, the auctioneer reserves the right to re-open the bidding whether in person or online. The auctioneers’ designation of a buyer shall be final.
10. HOLD HARMLESS: Purchaser, purchaser’s agent(s) including hired moving companies, vehicle transport and/or riggers, does hereby indemnify and hold harmless the Moecker Auctions, Inc., auctioneer and seller from any and all damages, claims or liabilities from injuries to persons or property of any type whatsoever caused during the sale or by the removal of items purchased.
11. NON-DELIVERY RESPONSIBILITY: Moecker Auctions, Inc. and seller shall have no liability to the buyer of any lot for non-delivery of any purchased item(s). Moecker Auctions, Inc. shall not, in any event, be liable for non-delivery of property, storage or removal fees or costs, lien satisfaction or for any other matter, to buyer of any lot, other than for the return to the buyer of the deposit or sum paid on said lot, should the buyer be entitled thereto.
12. UNPAID INVOICES: ZERO TOLERANCE POLICY FOR BUYERS WHO DO NOT PAY THEIR INVOICE WITHIN TIME ALLOWED. In the event the purchaser fails to pay for the entire purchase within the time set forth by the auctioneer and/or fails to comply with any of the conditions or terms of sale, the seller may retain and/or recover the deposit as part of its damages and, in addition thereto, items that are not paid for can be resold at public or private sale without further notice. Any deficiency resulting from such resale shall be due to the auctioneer by the defaulting purchaser together with all charges, fees, and expenses including reasonable attorney fees incurred by such resale and enforcement of the obligation hereunder. Unpaid invoices will be reported to the 3rd party auction platform and bidding privileges will be revoked.
13. COLLUSION: Practices that eliminate competition, such as collusive bidding, (fictitious bidding during the auction for the purpose of misleading or stimulating other persons who are bidding in good faith) may warrant criminal, civil, or administrative action against the participant(s).
14. EXPORTATION: The buyer of any and all purchased equipment at this auction understands that if their intention is to export any equipment from this sale they will be responsible for confirming and following all of the US government’s guidelines pertaining to the legal exportation of any equipment to that country, the buyer will be referred to as the exporter. The exporter will be responsible for any export licensing, export declaration fees and preparation of any documents needed to ship overseas. Moecker Auctions, Inc. will not be responsible for any item purchased that cannot be legally exported.
15. GOOD STANDING: All bidders must meet Auctioneer’s qualifications to bid. Any bidder who is not in good standing with Moecker Auctions, Inc. at any time prior to, during or even after the close of auction will be disqualified at Moecker Auction’s sole discretion and will not be awarded lots. Moecker Auctions, Inc. reserves the right to exclude any person to register at this auction and/or future auctions.
16. LEGAL AND BINDING: A bid is a legal and binding contract. It is a promise to pay for goods purchased. By registering to participate in the auction, bidder expressly acknowledges that he/she has read and understands the terms and conditions of sale and agrees to be bound thereby.
Under no circumstances will any items be removed prior to the conclusion of the sale.
Moecker Auctions, Inc. has the right to make changes to the terms of sale without further notice.