IntelGenx Technologies ( (IGXT) ) has provided an announcement.
IntelGenx Technologies Corp. and its subsidiary have secured court approval for a major restructuring under the CCAA, which includes the sale of IGX shares to atai Life Sciences AG, a significant shareholder. The complex transaction involves the formation of new entities, share exchanges, and the discharge of atai’s senior secured debt without any equity or cash changing hands. Shareholders will not receive any compensation from the proceedings, and bankruptcy filings for the remaining entities are anticipated. Additionally, significant leadership changes have occurred, with the resignation of the CEO, CFO, Corporate Secretary, and Board of Directors members, not due to any internal disagreements.
Learn more about IGXT stock on TipRanks’ Stock Analysis page.
