NEW YORK and TORONTOJune 23, 2020 /PRNewswire/ – iAnthus Capital Holdings, Inc. (“iAnthus” or the “Company”) (CSE: IAN) (OTCQX: ITHUF), which owns, operates, and companions with regulated hashish operations throughout the United States, introduced that Gotham Green Admin 1, LLC (the “Collateral Agent”), as collateral agent holding safety for the profit of the holders of the Company’s 13.0% Senior Secured Debentures (the “Secured Debentures”), has supplied the Company and its wholly-owned subsidiary, MPX Bioceutical ULC (“MPX”), with a requirement for reimbursement (the “Demand Letter”) underneath the Amended and Restated Secured Debenture Purchase Agreement dated October 10, 2019 (the “Purchase Agreement”) of your entire principal quantity, along with curiosity, charges, prices and different allowable costs which have accrued or could accrue in accordance with the Purchase Agreement and the opposite Transaction Agreements (as outlined within the Purchase Agreement). The Collateral Agent additionally concurrently supplied each the Company and MPX with a Notice of Intention to Enforce Security (the “BIA Notices”) underneath part 244 of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). Pursuant to part 244 of the BIA, the Collateral Agent shall not implement the safety over the collateral granted by the Company and MPX till the expiry of 10 days after sending the BIA Notices except the Company and MPX consent to an earlier enforcement of the safety.  The Company and MPX don’t intend to consent to earlier enforcement and are exploring obtainable choices.

Strategic Alternatives Review Process

As disclosed within the Company’s information releases dated April 6, 2020April 22, 2020 and June 11, 2020, iAnthus has initiated a Strategic Alternatives Review Process and has employed Canaccord Genuity Corp. (“Canaccord”) as its monetary advisor. The Company’s particular committee of the board of administrators, supported by its authorized and monetary advisors, are working expeditiously to full the evaluate of a variety of strategic alternate options.  Canaccord has obtained a number of expressions of curiosity, together with expressions of curiosity, which if accomplished, would repay the Secured Debentures in full and in money.

There might be no assurance as to what, if any, various is perhaps pursued by the Company or whether or not any such various would supply any worth to the Company’s shareholders. In addition, there might be no assurance that the Company will attain any answer with the Collateral Agent or the holders of the Secured Debentures, or as to the phrases of any answer, if achieved. In accordance with relevant disclosure necessities, the Company will disclose any additional updates with respect to the Strategic Alternatives Review Process if and after they happen.

Cease Trade Order

Further to the Company’s information releases dated June 11, 2020 and June 17, 2020, iAnthus didn’t file the next steady disclosure paperwork (collectively, the “Required Filings”) prior to the submitting deadline on June 15, 2020:

(a) 

audited annual monetary statements for the 12 months ended December 31, 2019;

(b) 

administration’s dialogue and evaluation relating to the audited monetary statements for the 12 months ended December 31, 2019; and

(c) 

certification of the foregoing filings as required by National instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.

As a outcome, the Company is topic to a stop commerce order (the “CTO”) issued by the Ontario Securities Commission on June 22, 2020. The CTO impacts buying and selling in all securities of the Company by securityholders of the Company, in every jurisdiction in Canada during which the Company is a reporting issuer and will stay in impact till such time because the Company has made the Required Filings. If the Required Filings are made inside 90 days of the date of the CTO, such filings would represent the Company’s software to have the CTO revoked.

All references to forex on this information launch are in US {dollars}.

About iAnthus

iAnthus owns and operates licensed hashish cultivation, processing and dispensary services all through the United States, offering traders diversified publicity to the U.S. regulated hashish business. Founded by entrepreneurs with a long time of expertise in operations, funding banking, company finance, regulation and healthcare companies, iAnthus offers a novel mixture of capital and hands-on working and administration experience. iAnthus at present has a presence in 11 states and operates 35 dispensaries (AZ-4, MA-1, MD-3, FL-16, NY-3, CO-1, VT-1 and NM-6 the place iAnthus has minority possession). For extra data, go to www.iAnthus.com.

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