Business
XTM Commences Court-Approved Sale and Investment Solicitation Process with Stalking Horse Bid
XTM Inc. (OTCQB: XTMIF) (CSE: PAID) (the "Company") and its subsidiary, Everyday People Payments Inc. (together, the "XTM Entities") announce the commencement of a sale and investment solicitation process (the "SISP") pursuant to an order dated April 10, 2026 (the "SISP Order") by the Ontario Superior Court of Justice (the "Court") in the Company's Companies' Creditors Arrangement Act proceedings (the "CCAA Proceedings").
About this update from Xtm, Inc.
[{"type":"text","content":"TORONTO, April 28, 2026 /CNW/ - XTM Inc. (OTCQB: XTMIF) (CSE: PAID) (the "Company") and its subsidiary, Everyday People Payments Inc. (together, the "XTM Entities") announce the commencement of a sale and investment solicitation process (the "SISP") pursuant to an order dated April 10, 2026 (the "SISP Order") by the Ontario Superior Court of Justice (the "Court") in the Company's Companies' Creditors Arrangement Act proceedings (the "CCAA Proceedings").","length":530,"tagName":"p"},{"type":"text","content":"The Court approved a stalking horse subscription agreement on April 10, 2026 from Pateno Payments Inc. ("Pateno") with an estimated value of CAD $9,500,000, representing the estimated outstanding debtor-in-possession financing provided by Pateno to XTM during the CCAA Proceedings (the "Stalking Horse Bid").","length":328,"tagName":"p"},{"type":"text","content":"If no qualified bids are received by the bid deadline, other than the Stalking Horse Bid, the Company intends to return to Court to seek approval of the proposed transaction, including a reverse vesting order, and if granted, proceed to closing as soon as practicable. Further details regarding the Stalking Horse Bid are provided on the Monitor's website at the address set out below.","length":389,"tagName":"p"},{"type":"text","content":"The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of XTM's assets and business operations (the "Opportunity"). The Opportunity may include one or more of:","length":227,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"a restructuring or recapitalization of the business as a going concern;","length":71,"tagName":"p"}]},{"val":[{"type":"text","content":"an investment in the Company or its operations; or","length":50,"tagName":"p"}]},{"val":[{"type":"text","content":"a sale of all, substantially all or certain of XTM's assets and business operations.","length":88,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":209,"olType":false},{"type":"text","content":"Persons interested in participating in the SISP may contact The Fuller Landau Group Inc, the Court appointed monitor of the XTM Entities (the "Monitor") as detailed belo...