Fire & Flower Holdings (TSX: FAF) has confirmed that the Toronto Stock Exchange will be delisting it. The delisting follows the company filing for creditor protection earlier this month after conducting a strategic review.

The company expects its shares to be removed from the TSX as of the close of trading on July 14, 2023.

READ: Fire & Flower Files For Creditor Protection Following Strategic Review

The development was announced this morning in conjunction with the revelation that the firms initial order under the Companies Creditors Arrangement Act had been modified to extend the stay period until September 1, while at the same time approving a key employee retention plan. That plan enables the company to secure a priority charge against the firms assets as security for payments to key employees identified within the plan.

The company has also obtained approval to incur no further expenses in relation to its public listing, including for the filing of financial statements and the issuance of press releases.

Finally, despite initially stating that its board of directors and management team would remain in place to assist in streamlining operations, Suzanne Poirier, Senior VP of Operations for Alimentation Couche-Tard, has resigned as a director.

As of March 31, Fire & Flower reportedly had a cash position of $8.2 million, compared to accounts payable and accrued liabilities of $18.0 million. Total current assets sat at $38.0 million, versus total currently liabilities of $50.8 million, including $2.4 million in debentures that are to be paid back in June, and a further $11.6 million that must be paid back in December.

Information for this briefing was found via Sedar and the companies mentioned. 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.