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Ionik Provides Update on Historical Acquisition-Related Debt Amendments and Assignments, a Historical Loan, and Its Previously Announced Debt Reorganization
Toronto, Ontario--(Newsfile Corp. - June 2, 2026) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF) (the "Company") wishes to provide an update to its May 22, 2026 announcement regarding the 30-day extension (the "Facility Extension") to its syndicated debt facility (the "Current Debt Facility"), comprehensive debt reorganization (the "Debt Reorganization") and the Company's anticipated entrance into a new senior debt facility (the "New Facility"), which is expected to replace the Current Debt...
About this update from Ionik Corporation
Toronto, Ontario--(Newsfile Corp. - June 2, 2026) - Ionik Corporation (TSXV: INIK) (OTCQB: INIKF) (the "Company") wishes to provide an update to its May 22, 2026 announcement regarding the 30-day extension (the "Facility Extension") to its syndicated debt facility (the "Current Debt Facility"), comprehensive debt reorganization (the "Debt Reorganization") and the Company's anticipated entrance into a new senior debt facility (the "New Facility"), which is expected to replace the Current Debt Facility. The Facility Extension extends the maturity date of the Current Debt Facility from May 25, 2026 to June 25, 2026 and has been secured solely to permit completion of the Debt Reorganization and New Facility. The Company's capital structure reflects a series of acquisitions financed, in part, through vendor take-back debt, earnout obligations and other acquisition-related indebtedness. The Debt Reorganization is expected to reduce the Company's near-term cash obligations by converting a significant portion of outstanding indebtedness into equity and extending the maturity of remaining obligations to March 31, 2030. Completion of the Debt Reorganization is a condition to the Company entering into the New Facility. Overview of Debt Reorganization The Debt Reorganization consists of a coordinated series of settlement, amendment and repayment steps relating to acquisition-related obligations arising from the Company's historical acquisitions of Nimble5, LLC ("Nimble5") in September of 2024, OpenMoves LLC ("OpenMoves") in April of 2023, Rise4 Inc. ("Rise4") in November of 2024, Schiefer Media, Inc. ("SCS") in April of 2023, S44 LLC ("Shift44") in November of 2023 and Ubiquity Agency LLC ("Ubiquity") in September of 2022. A number of these obligations were originally issued as part of the Company's acquisition consideration packages (including vendor take-back debt, convertible debentures, holdbacks and earnouts). Certain portions of the applicable indebtedness will be settled pursuant to certain earnout agreements and similar agreements (the "Debt Reorganization Agreements"), and the issuance of certain convertible debt instruments ("Settlement Debt Instruments") which will automatically convert to common shares ...