SIMPLE IRA and asset sale

[30Rock]

We have an asset sale and a SIMPLE IRA exists. As of the sale, the employees are technically terminated and then may transfer to the buyer. What are the options for the SIMPLE IRA assuming buyer does not want to set up a SH 401k plan - option 1 the SIMPLE IRA stays with the seller and essentially terminates since employees are terminating and there will be no payroll contributions, option 2 the buyer could take over the SIMPLE IRA during 2026? The problem with option 2 is that I do not see how the new buyer can amend the form 5305 or 5304 mid year - no room for a successor employer on the form. Is this a matter of a Board resolution or asking the IRA custodian to recommend the process? Thank you!