LeddarTech to file for bankruptcy in Canada, expects Nasdaq delisting

LeddarTech (LDTC) announced that it intends on making an assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act. After careful consideration of all available alternatives, including undertaking a strategic review which was unsuccessful in identifying a suitable acquirer or commercial partner or raising sufficient capital, as well as further to the company having received a notice of default under its bridge financing offer entered into with certain bridge lenders, the board of directors of the company has determined that it was in the best interest of the Company and its stakeholders to make an assignment into bankruptcy under the BIA as soon as reasonably practicable. The company expects that Raymond Chabot, a licensed insolvency trustee, will be appointed as the trustee under the BIA proceedings. In connection with the BIA proceedings, each member of the board of directors of the company will resign effective upon the assignment under the BIA. The company 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 under the BIA proceedings. Further announcements regarding the status of the company’s BIA proceedings will be made as developments warrant. The company expects that its common shares and warrants trading on the Nasdaq will be halted as a result of the BIA proceedings. The company anticipates that it will ultimately be delisted from the Nasdaq.