ICC International to Delist From Canadian Securities Exchange

ICC International Cannabis Corp (CSE: WRLD.u) has become the latest cannabis issuer to toss in the towel, at least in terms of capital markets. The firm announced earlier this week that it has applied to the Canadian Securities Exchange to voluntarily delist its shares from the public markets.

Management has elected to delist its common shares as a result of viewing itself as critically undervalued. After conducting a review of its operations, management has, “determined that certain funding opportunities at valuations that better reflect the underlying asset value of the Company are only available should the Company become a non-listed reporting issuer.” In short, management doesn’t believe its valuation is being properly reflected in the market.

The claim is curious, given that the company has failed to update the capital markets on any material information as of late. Only two news releases have been filed with Sedar since July, one of which was announcing the termination of a significant asset purchase of Wayland Group’s (CSE: WAYL) international portfolio.

Rather than entice new investors to its company, such as through a normal course issuer bid to beef up its poor share structure, the firm has decided to toss in the public markets towel altogether.

To do so, rather than buyout current shareholders at prevailing market prices, ICC International has instead decided to provide no real incentive to long time shareholders. Instead, current shareholders will remain as investors in the company, except now with even less liquidity available to potentially exit their position. The firm has indicated that in the future it might pursue liquidity via options “including but not limited to a reverse take over (“RTO”), a direct listing, asset sale, joint venture and/or trade sale.

As per a CSE bulletin filed late last night, ICC International will see its shares delist on December 20, 2019 at the close of the trading day.”

ICC International Cannabis Corp has 706,105,955 common shares outstanding, with a market cap of an estimated US$10.5 million. The equity last traded at $0.015 on the Canadian Securities Exchange.


Information for this analysis was found via Sedar and ICC International Cannabis Corp. 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.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

Pure Global Appoints Former Wayland Group CFO To Role

Pure Global Cannabis (TSXV: PURE) has a new chief financial officer following the departure of...

Wednesday, February 19, 2020, 01:39:02 PM

Wayland Selected to Receive German Production License

Wayland Group (CSE: WAYL, OTCMKTS: MRRCF) announced yesterday that it had been selected to begin...

Friday, April 5, 2019, 12:30:04 PM

Wayland Group Subject of Potential Securities Class Action – And It Just Might Have Teeth

Wayland Group (CSE: WAYL) announced after the bell Wednesday that it had been made aware...

Thursday, September 12, 2019, 02:30:00 PM

Wayland Group Sees Second Auditor of the Year Resign

Wayland Group (CSE: WAYL) made an announcement last night related to securing a DIP financing...

Friday, December 6, 2019, 09:44:02 AM

Wayland Group Sells Colombian, Swiss Assets At Major Loss

The divestment of assets at firesale prices has officially begun for Wayland Group (CSE: WAYL)....

Saturday, February 15, 2020, 11:37:49 AM