Vancouver, British Columbia--(Newsfile Corp. - March 14, 2025) - Navigator Acquisition Corp. (TSXV: NAQ.P) ("Navigator" or the "Company") announces that, further to the March 31, 2023 news release of the Company announcing the definitive agreement to acquire MGID Group Holdings Limited ("the Transaction"), the Company today announces that MGID's current executive management team informed the Company of its intent not to proceed with the Transaction.
The Company continues to believe that its proposed RTO transaction represents the best interests of both parties and their respective shareholders and that it can still proceed. As such, the Company is continuing to engage with MGID on its proposed RTO transaction reflective of current market conditions and other modifications as needed. The Company shall provide updates on the status of these discussions.
Should the Company and MGID fail to proceed with a modified Transaction, the Company intends to immediately seek recovery of its expenses and losses. The Company is currently in a process to review litigation options which the Company's management believes is supported by material facts and established Canadian securities law. The Company reserves the right to take all necessary legal actions as appropriate.
Additionally, the Company announces the resignation of Kia Besharat from the Board of Directors, effective March 3, 2025 and is now in the process of identifying additional suitable Director for his replacement.
For further information contact:
Kyle Shostak
President, Chief Executive Officer and Director of Navigator Acquisition Corp.
(212) 909-5870
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