LeddarTech lays off most employees, no longer calling back furloughed

LeddarTech (LDTC) announces that, as a result of the cessation of the Company’s discussions with a significant potential commercial counterpart and in light of the Company’s current financial position, the Company has laid off most of its employees and will no longer be calling back any employees that were previously furloughed. The board of directors of the Company is continuing its previously announced review of alternatives that may be available to the Company. These alternatives include, but are not limited to, a sale of the business or certain of its assets, an orderly dissolution, restructuring activities, a potential assignment into bankruptcy, or other insolvency proceedings under applicable legislation. There can be no assurance that the review process will result in any transaction or alternative, or that the Company will be able to avoid an assignment into bankruptcy or other insolvency protection proceedings. Pending the outcome of this process, LeddarTech does not expect to resume active operations and cautions investors that there is significant risk that holders of our securities will receive little to no value in any bankruptcy and insolvency process. Further announcements regarding the status of the Company’s process will be made as developments warrant. Trading of the Company’s common shares and warrants on the Nasdaq may be halted as a result of filing under insolvency or bankruptcy laws.