Saturday, September 13, 2025

Latest

Facedrive Reportedly Mulls Filing For Bankruptcy Under CCAA

The problem with eviscerating some of your largest shareholders is that eventually, they’re probably going to get even. Facedrive (TSXV: FD) found this out the hard way this morning, with Imran Khan, a co-founder of the company, revealing he has received notice that the company is looking to hold an initial hearing under the Companies Creditors Arrangement Act in mid to late September.

Effectively, Facedrive is reportedly considering filing for bankruptcy.

Khan, whom co-founded the company in 2016, notably came under direct attack on Saturday when Sayan Navaratnam, the formed Chairman and CEO of Facedrive, issued a public letter blaming Khan for all the shortcomings of the company despite him no longer being involved in management. Navaratnam effectively said that Khan’s selling of his position is the reason the company is failing, saying that Khan’s selling “put his own interests ahead of those of Facedrive’s investors, employees and partners.”

The recent cratering of the equity has been so damaging that notably, on September 1, the company freed its other investors from lock-up periods, likely because of unrest amongst them. At least, this is what they blamed the lock up on.

With the blame for the firms failure placed firmly on Khan’s shoulders, he issued a statement this morning, followed by revealing that his lawyer has been asked about his availability for a “initial hearing in a liquidating proceeding for Facedrive under the Companies’ Creditors Arrangement Act (“CCAA”).” A final decision on the filing however has reportedly not be made.

Whether this was a move to try to stop Khan’s selling due to holding privileged information, or a result of a genuine look into filing for bankruptcy, is anyone’s guess. If its the former, with the private information now public, it seems ineffective and more damaging than anything, if the latter, well, it appears the cat is now out of the bag.

The latter would certainly explain the departure of executives last week.

Facedrive last traded at $2.37 on the TSX Venture.


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.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Market Movers: Facedrive Inc.

Market movers joins the story of Richmond Hill, Ontario based nu-tech platform company Facedrive Inc....

Tuesday, July 14, 2020, 11:09:09 AM

Facedrive Sees Auditor Resign After Three Months On The Job

Facedrive Inc (TSXV: FD) last night revealed that its auditor resigned, effective two weeks prior...

Thursday, October 7, 2021, 08:08:39 AM

Facedrive Reports Record Revenues In Q1, Margins Remain Negative

Facedrive Inc (TSXV: FD), whom now goes by the name STEER, this morning released its...

Monday, May 30, 2022, 09:09:58 AM

FaceDrive Closes $17.5 Million Financing Conducted To Support Growth Plan

FaceDrive Inc (TSXV: FD) this morning closed on its previously announced non-brokered financing. The funding...

Friday, April 8, 2022, 08:46:06 AM

Storycraft: The Art of Association In Capital Markets

An equities market, well over-inflated by fake money and fully detached from the economy that...

Sunday, August 23, 2020, 09:00:00 AM