It seems that finally, things have come full circle for Wayland Group (CSE: WAYL). A notice was filed by the Canadian Securities Exchange this afternoon, indicating that what was left of the shell of a company will now finally be delisted, months after the completion of CCAA proceedings.
The delisting marks the very end of the Maricann and Wayland saga, leaving whatever shareholders were left in the firm with absolutely nothing despite the wild ride the equity took them on over the last several years. Despite having a last marketed price of $0.74 per share, and a market capitalization of $54.1 million, there is nothing left for shareholders.
Having been halted since May 6, 2019, the move has been a long time coming for the company that once hit a high of $4.48 back in January 2018. It’s all been downhill from there however, after the company took countless hits, brought on initially by an OSC investigation into CEO Benjamin Ward during the midpoint of a financing (see this ancient article of ours from a few years back).
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After subsequently being halted due to the firm failing to file financials (auditors refused to touch them, essentially), the company was ultimately never able to obtain enough financing to make its operation sustainable. Events culminated in CCAA proceedings that saw the main asset, Maricann, eventually sold off for a cool $12.4 million, a far cry from the market capitalization the firm enjoyed at its heights of the cannabis bubble.
Despite CCAA proceedings completing in July 2020, the shell of the former cannabis giant remained as a listed entity on the Canadian Securities Exchange. After failing to meet continuous requirements, the exchange finally announced this afternoon that the shell will be delisted at the close of markets today.
Information for this analysis was found via Sedar and Wayland Group. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
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