Business
Ionik Receives Covenant Waiver from Senior Lender
Toronto, Ontario--(Newsfile Corp. - June 23, 2025) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF...
About this update from Ionik Corporation
[{"type":"text","content":"Ionik Receives Covenant Waiver from Senior LenderToronto, Ontario--(Newsfile Corp. - June 23, 2025) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF) (the \"Company\" or \"Ionik\"), today announced that it has received a formal waiver from its senior lender in respect of the previously disclosed technical breach of a financial covenant under its syndicated debt facility (the \"Syndicate Debt Facility\"). As disclosed in the press release announcing the Company's financial results for the first quarter ended March 31, 2025 issued on June 2, 2025, the Company was notified by its syndicate of senior lenders on May 29, 2025 of a technical breach of a financial covenant under the Syndicate Debt Facility as at March 31, 2025 (the \"Covenant Breach\"). On June 20, 2025, the Company received a formal waiver of the Covenant Breach, resolving the matter. As a result of the waiver, the senior lenders no longer have the right to accelerate payment of the outstanding debt under the Syndicate Debt Facility due to the Covenant Breach. The outstanding debt will, however, remain classified as a current liability on the Company's balance sheet for the second quarter of 2025 and the remainder of the 2025 fiscal year to reflect the maturity date of the Syndicate Debt Facility, which is May 25, 2026, being less than 12 months from the applicable reporting dates for such periods.The Company is actively engaged in negotiations with its senior lenders regarding a renewal of the Syndicate Debt Facility and expects to provide an update in due course.\"We are pleased to have received the formal waiver from our senior lenders, which reflects the strength of our ongoing relationship and our lenders' continued confidence in our business,\" said Ted Hastings, Chief Executive Officer of Ionik. \"This resolution allows us to remain focused on executing our strategic initiatives, and we look forward to finalizing the renewal of our Syndicate Debt Facility as we continue to advance our growth plans.\" About IonikIonik, a Tier 1 Issuer on the TSX Venture Exchange, with shares also trading on the OTCQB Venture Market, is a technology-driven marketing and advertising solutions company that helps brands, advertisers, and publishers connect with their audiences through data-driven insights and advanced automation. By leveraging its extensive suite of technology, cr...