iAnthus Capital Holdings (CSE: IAN) this evening issued an update related to its fourth quarter and full fiscal year 2019 financial statements, indicating that the required filings will “likely be delayed until after the extended filing deadline of June 15, 2020.” The result, is that the company expects its equity to be issued a cease trade order until such time that it files the required documents with the exchange.
The extension for the delayed filings, as most investors know, was the result of the ongoing coronavirus pandemic. As a result of this, the exchange granted a blanket extension to issuers for a period of 45 days, to enable them to overcome any potential delay in filing. iAnthus has utilized that extension, which expires on June 15, 2020.
With regards to the filings, the company has stated that it is “working diligently” to file the documents “as soon as feasible.” As a result of this further delay, the company is likely to be issued a cease trade order by the Ontario Securities Commission. After this, the company will have 90 days to file the required filings, and if it fails to do so iAnthus is at risk of being delisted altogether.
Furthermore, the company has also indicated that it will not be making required interest payments on both its secured and unsecured debentures. Such payment is due on June 30, 2020. The company currently has debt obligations of $159.1 million, of which $97.5 million is 13.0% senior secured convertible debentures, $60 million of 8.0% unsecured convertible debentures, and $1.6 million in other debt.
iAnthus Capital Holdings last traded at $0.43 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.