LeddarTech Plans To File For Bankruptcy Protection
(RTTNews) - LeddarTech Holdings Inc. (LDTC) announced that it intends on making an assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) (the BIA).
The company stated that it has determined it is in the best interest of the company and its stakeholders to proceed with an assignment into bankruptcy under the BIA as soon as reasonably practicable.The company expects that Raymond Chabot Inc., a licensed insolvency trustee, will be appointed as the trustee under the BIA proceedings.
In connection with the BIA proceedings, each member of the board of directors of the Company will resign effective upon the assignment under the BIA.
The company does not expect to resume active operations and cautions investors that there is significant risk that holders of our securities will receive little to no value under the BIA proceedings.
The company expects that its common shares and warrants trading on the Nasdaq will be halted as a result of the BIA proceedings. The company anticipates that it will ultimately be delisted from the Nasdaq.
