Invictus MD Strategies Corp (TSXV: GENE) has been given the boot by the TSX Venture. A bulletin was posted by the Toronto Stock Exchange this evening, identifying that Invictus would be delisted from the Venture Tier 2 exchange as a result of filing for creditor protection under the Companies’ Creditor Arrangement Act.
On February 13, Invictus announced that it would be seeking creditor protection as a result of defaulting on its currently outstanding loan with that of ATB Financial. The firm currently has in excess of $10.6 million in outstanding debt due to ATB which it is unable to pay, while the loan is secured by that of Acreage Pharms. The default forced Invictus into the status of creditor protection as it seeks a means of paying off the debt without having its assets secured by the lender, who has already issued a notice of intent to enforce security.
As a result of obtaining creditor protection, the company has found itself in violation of TSX Venture Policy 2.5, and has not maintained the requirements of a “Tier 2” company. Effective February 26, 2020, Invictus will be moved to the NEX board of the TSX Venture. The firms symbol as a result will changed to “GENE.H”, with Invictus now being classified as a NEX listed issuer. The company will also be restricted on share issuances and certain types of payments as per NEX policies.
Invictus MD last traded at $0.05 on the TSX Venture.
Information for this briefing was found via Sedar and Invictus MD Strategies. 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. The author holds no licenses.
