Surgalign Enters Into Definitive Agreement to Sell Global Hardware and Biologics Business Through a Structured Sale Process Under Chapter 11 of the U.S. Bankruptcy Code

DEERFIELD, Ill., June 20, 2023 (GLOBE NEWSWIRE) -- Surgalign Holdings, Inc., (NASDAQ: SRGA) (“Surgalign” or the “Company”) a global medical technology company focused on elevating the standard of care by driving the evolution of digital health, today announced that the Company has entered into an asset purchase agreement (the “Asset Purchase Agreement”) to sell substantially all of its U.S. hardware and biomaterials assets and the equity interests in non-Debtor entities related to the Debtors’ hardware business outside of the U.S. to Xtant Medical Holdings, Inc. (“Xtant”) for $5.0 million. The sale will be effectuated through the chapter 11 proceedings initiated by the Company and certain of its subsidiaries, who elected to file voluntary petitions under chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.