May 29, 2017 5:21 AM ET

Auto Components

Company Overview of Scorpion Performance, Inc.

Company Overview

Scorpion Performance, Inc., together with its subsidiaries, designs and manufactures various branded and private label automotive parts and components for automotive and marine original equipment manufacturers (OEM), and the related after-market. It offers rocker arm, a pivoted lever used in an internal combustion engine to transfer the motion of the camshaft or pushrod to the valve stem that opens and closes the valves that let the air/fuel mixture into an engine and the exhaust gases out of the engine. The company also offers related internal engine parts and assemblies, including lifters, push rods, valves, valve springs, and fuel rails; and manufactures non-FDA regulated components and a...

5817 NW 44th Avenue

Ocala, FL 34482

United States

Founded in 1999

54 Employees

Phone:

352-512-0800

Fax:

352-512-0801

Key Executives for Scorpion Performance, Inc.

Interim President and Chief Operating Officer
Age: 34
Principal Financial Officer, Principal Accounting Officer and Controller
Age: 61
Vice President of Sales and Marketing
Treasurer, Interim Secretary and Office Manager
Compensation as of Fiscal Year 2016.

Scorpion Performance, Inc. Key Developments

Motion for Asset Sale Approved for Scorpion Performance, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Scorpion Racing Inc. on October 27, 2016. The debtor has been authorized to sell its certain assets to Scorpion Equity, LLC for a purchase price of $1.45 million in cash. The debtor did not receive any other competing bids for the purchase of its assets.

Bidding Procedure Approved for Scorpion Performance, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of certain assets of Scorpion Racing, Inc. on September 27, 2016. The Court approved the asset purchase agreement between the debtor and Scorpion Equity, LLC, the stalking horse bidder, for the sale of its certain assets for a purchase price of $1.45 million in cash. Buyer will pay $1 million as escrow deposit. To qualify as a qualified bidder, interested parties should submit their bids by October 14, 2016. The competing bidder shall post a good faith deposit of $0.12 million. The initial minimum overbid should be in the amount of at least $1.57 million. If the debtor receives any qualified bids then it would hold an auction for its assets on October 19, 2016. If in any case, transaction gets terminated, buyer will be entitled to the break-up fee of $0.11 million. Jacob A. Brown of Akerman LLP acted as legal counsel for the buyer. The sale hearing is scheduled for October 20, 2016.

Asset Purchase Agreement Filed by Scorpion Performance, Inc.

Scorpion Performance, Inc. filed an asset purchase agreement for the sale of certain asset on August 29, 2016. As per the agreement, debtor seeks to sell certain assets to Scorpion Equity, LLC for total consideration and credit of $1.45 million, as per the agreement dated August 25, 2016. The buyer will pay initial purchase price of $1.2 million, second escrow amount and wind down obligations. Buyer will pay $1 million as escrow deposit. Transaction is expected close by October 31, 2016. If in any case, transaction gets terminated, buyer will be entitled to the break-up fee of $0.15 million. Jacob A. Brown of Akerman LLP acted as legal counsel for the buyer.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 29, 2016
Certain Assets of Anodize, Inc., Scorpion Racing, Inc., and Scorpion Performance, Inc.
 

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