Business
MyndTec Inc. Makes Voluntary Assignment in Bankruptcy Under the Bankruptcy and Insolvency Act (Canada)
Mississauga, Ontario--(Newsfile Corp. - April 24, 2026) - Further to its press release dated April 8, 2026, MyndTec Inc. (CSE: MYTC) ("MyndTec" or the "Company") announced today that, having been unable to secure the additional financing required to continue operations, it has made a voluntary assignment in bankruptcy for the general benefit of its creditors pursuant to section 49 of the Bankruptcy and Insolvency Act (Canada) (the "BIA").After careful consideration of available alternatives and.
About this update from Myndtec, Inc.
[{"type":"text","content":"Mississauga, Ontario--(Newsfile Corp. - April 24, 2026) - Further to its press release dated April 8, 2026, MyndTec Inc. (CSE: MYTC) ("MyndTec" or the "Company") announced today that, having been unable to secure the additional financing required to continue operations, it has made a voluntary assignment in bankruptcy for the general benefit of its creditors pursuant to section 49 of the Bankruptcy and Insolvency Act (Canada) (the "BIA").","length":482,"tagName":"p"},{"type":"text","content":"After careful consideration of available alternatives and in consultation with insolvency counsel and the Trustee, the board of directors of the Company determined that a restructuring of the Company's financial affairs through a proposal to creditors under Part III of the BIA was not feasible in the circumstances, and that it was in the best interests of the Company and its stakeholders to make the assignment. Russo Corp. has consented to act as Licensed Insolvency Trustee (the "Trustee") and will administer the Company's estate and realize on the Company's assets in accordance with the BIA.","length":621,"tagName":"p"},{"type":"text","content":"In connection with the BIA proceedings, each of the directors and officers of the Company has resigned effective upon the assignment.","length":133,"tagName":"p"},{"type":"text","content":"Trading in the Company's common shares on the Canadian Securities Exchange (the "CSE") has been halted, and the Company expects that trading will be suspended and the Company's common shares delisted in accordance with CSE policies. There can be no assurance as to any recovery for holders of the Company's common shares.","length":343,"tagName":"p"},{"type":"text","content":"A notice of the bankruptcy and particulars of the first meeting of creditors will be sent to creditors by the Trustee and published in accordance with the requirements of the BIA. All enquiries from creditors and other stakeholders in respect of the bankruptcy should be directed to the Trustee at the following coordinates:","length":324,"tagName":"p"},{"type":"text","content":"Russo Corp.78 Wellington Street EastAurora, Ontario L4G 1H8Telephone: 905-503-3328Facsimile: 905-503-2338Email: [email protected]","length":138,"tagName":"p","attribs":{}},{"type":"te...