Blue Torch Finance LLC entered into an asset purchase agreement to acquire Substantially all of the Assets of Near Intelligence, Inc. (NasdaqGM:NIR) for $50 million on December 8, 2023. Blue Torch will pay in the form of a credit-bid of not less than $50 million, comprised of all amounts Near owes to its lenders under the $16 million DIP facility and not less than $34 million of amounts Near owes to its lenders under the prepetition senior secured credit facility. The Asset Purchase Agreement provides for the reimbursement of Blue Torch?s expenses incurred in connection with the Asset Purchase Agreement up to an aggregate amount of $1,000,000 payable under certain circumstances upon a termination of the Asset Purchase Agreement. Rachel Strickland, Thomas Mark, Andrew Mordkoff, and Erin Kinney of Willkie Farr & Gallagher LLP and Young Conaway Stargatt & Taylor, LLP acted as legal advisors, GLC Advisors & Co., LLC acted as Financial advisor and Ernst & Young LLP acted as Accountant to Near Intelligence, Inc. Roger G. Schwartz and Timothy M. Fesenmyer of King & Spalding LLP acted as legal advisors to Blue Torch Finance LLC.

Blue Torch Finance LLC completed the acquisition of Substantially all of the Assets of Near Intelligence, Inc. (NasdaqGM:NIR) on March 1, 2024.