iAnthus Capital Holdings (CSE: IAN) last night announced that Elizabeth (Beth) Stavola has resigned from the company effective immediately, as both a director and the chief strategy officer. Her departure marks the continued exodus of members of the firms executive team following the financial struggles it began exhibiting earlier this year.
Previously the founder of MPX Bioceuticals as well as CBD for Life, Stavola saw two of her firms vended into that of iAnthus Capital. The first, the formerly publicly trading MPX, was announced in October 2018 with the all-stock acquisition valued at $835 million before giving effect to the spin out of MPX International. That transaction closed in February 2019, roughly a year and a half ago. Included in the transaction was the now infamous “Stavola Trust Note” for a sum of $10.8 million, which Stavola made sure was paid in January 2020 at maturity, despite iAnthus’ well known working capital issues.
A month following the closing of the MPX transaction, and with Beth in the role of Chief Strategy Officer and Director of iAnthus, it was announced that CBD For Life would be acquired in another all-stock transaction, this time for an initial value of US$13.7 million. This was with the caveat however that iAnthus was also to cover $2.0 million in outstanding expenses.
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That transaction was closed a few months later at the tail end of June 2019, with the final value being placed at $10.4 million, of which $2.4 million was in cash.
Outside of Stavola’s departure, iAnthus also today filed details on its shareholder meeting to be held in connection with its proposed recapitalization transaction. The meeting is to be held September 14, 2020, for shareholders on record as of August 6, 2020.
iAnthus Capital remains halted on the CSE.
Information for this briefing was found via Sedar and iAnthus Capital Holdings Inc. 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.
