- Cloud DX (TSXV:CDX) reported the sale of its wholly owned subsidiary, Cloud Diagnostics Canada ULC to 1493907 B.C. Ltd.
- The transaction has been in the works since June 2024 and was concluded in connection with a notice of intention to make a proposal proceeding
- As part of the transaction, a new entity, 16538363 Canada Ltd., has been incorporated and vested with certain of the company’s excluded liabilities
- Cloud DX stock (TSXV:CDX) last traded at $0.125
Cloud DX (TSXV:CDX) reported the sale of its wholly owned subsidiary, Cloud Diagnostics Canada ULC to 1493907 B.C. Ltd.
In a news release, the Kitchener, Ontario-based company called this transaction a significant step in its restructuring process.
The transaction has been in the works since June 2024 and was concluded in connection with a notice of intention to make a proposal proceeding. The sale was completed in accordance with the terms of a Subscription Agreement and the provisions of a reverse vesting order granted by the Supreme Court of British Columbia on November 19, 2024.
As part of the transaction:
- A new entity, 16538363 Canada Ltd., has been incorporated and vested with certain of the company’s excluded liabilities
- All shares, interests, participation, or other equivalents of capital stock or share capital or related rights or interests issued by or existing in the company prior to the closing of the transaction were cancelled and terminated without consideration.
- The company issued, and the purchaser subscribed for and purchased, new common shares in the capital of Cloud Diagnostics Canada. The purchaser is now the sole holder of the company’s share capital.
16538363 Canada Ltd. is expected to be assigned into bankruptcy under to the Bankruptcy and Insolvency Act.
Cloud DX Inc. is a remote patient monitoring company that is a Health Canada-licensed, U.S. Food and Drug Administration-registered medical device manufacturer and software developer offering a complete end-to-end virtual healthcare platform called Cloud DX Connected Health.
Cloud DX stock (TSXV:CDX) last traded at $0.125 and has risen 38.89 per cent since the year began.
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