Katipult Receives Demand Letter and Notice of Enforcement of Security From Senior Secured Lenders
Katipult Technology Corp. (TSXV: FUND) has received a demand letter from its senior secured lenders requesting full payment of C$3,000,000 in outstanding debt under the General Security Agreement and Amended and Restated Secured Convertible Debentures dated July 18, 2024.
The lenders have provided Notices of Intention to Enforce Security under the Bankruptcy and Insolvency Act. KSV Restructuring Inc. was appointed as Receiver on February 11th, 2025 at the Court of King's Bench of Alberta. While the company is discussing potential solutions with creditors to continue operations, no assurances can be given.
Trading of Katipult shares has been halted on the TSX Venture Exchange, with expected suspension and ultimate delisting.
Katipult Technology Corp. (TSXV: FUND) ha ricevuto una lettera di richiesta dai suoi creditori senior garantiti, che chiedono il pagamento totale di C$3.000.000 di debito in sospeso ai sensi dell'Accordo di Garanzia Generale e delle Obbligazioni Convertibili Garantite Modificate e Riformulate datate 18 luglio 2024.
I creditori hanno fornito Avvisi di Intenzione di Eseguire la Garanzia ai sensi della Legge sulla Bancarotta e Insolvenza. KSV Restructuring Inc. è stata nominata Curatore il 11 febbraio 2025 presso la Corte del King's Bench dell'Alberta. Sebbene l'azienda stia discutendo potenziali soluzioni con i creditori per continuare le operazioni, non possono essere fornite garanzie.
Il trading delle azioni di Katipult è stato sospeso sulla Borsa di Toronto Venture, con una sospensione prevista e un'eventuale cancellazione definitiva.
Katipult Technology Corp. (TSXV: FUND) ha recibido una carta de demanda de sus prestamistas garantizados senior solicitando el pago total de C$3,000,000 en deuda pendiente bajo el Acuerdo de Seguridad General y las Obligaciones Convertibles Garantizadas Modificadas y Reformuladas con fecha del 18 de julio de 2024.
Los prestamistas han proporcionado Avisos de Intención de Ejecutar la Garantía bajo la Ley de Quiebras e Insolvencia. KSV Restructuring Inc. fue designada como Receptor el 11 de febrero de 2025 en la Corte del King's Bench de Alberta. Aunque la empresa está discutiendo soluciones potenciales con los acreedores para continuar las operaciones, no se pueden dar garantías.
La negociación de las acciones de Katipult ha sido detenida en la Bolsa de Valores de Toronto Venture, con una suspensión esperada y una eventual exclusión definitiva.
Katipult Technology Corp. (TSXV: FUND)는 주요 담보 대출자로부터 3,000,000 캐나다 달러의 미지급 채무 전액 상환을 요청하는 수요서를 받았습니다. 이 채무는 2024년 7월 18일자 일반 보안 계약 및 수정 및 재작성된 담보 전환 사채에 따른 것입니다.
대출자들은 파산 및 회생법에 따라 보안을 집행하겠다는 의도를 통지했습니다. KSV Restructuring Inc.는 2025년 2월 11일 앨버타 주 킹스 벤치 법원에서 수탁자로 임명되었습니다. 회사는 운영을 지속하기 위해 채권자와 잠재적 해결책을 논의하고 있지만, 어떤 보장도 제공할 수 없습니다.
Katipult의 주식 거래는 TSX 벤처 거래소에서 중단되었으며, 예상되는 정지 및 최종 상장 폐지가 있습니다.
Katipult Technology Corp. (TSXV: FUND) a reçu une lettre de demande de ses créanciers garantis de premier rang, demandant le paiement intégral de 3 000 000 CAD de dettes impayées en vertu de l'Accord de Sécurité Générale et des Obligations Convertibles Garanties Modifiées et Reformulées datées du 18 juillet 2024.
Les créanciers ont fourni des Avis d'Intention d'Exécuter la Sécurité en vertu de la Loi sur la faillite et l'insolvabilité. KSV Restructuring Inc. a été nommé comme Syndic le 11 février 2025 au Tribunal du King's Bench de l'Alberta. Bien que l'entreprise discute de solutions potentielles avec les créanciers pour continuer ses opérations, aucune garantie ne peut être donnée.
Le trading des actions de Katipult a été suspendu sur la Bourse de Toronto Venture, avec une suspension attendue et une éventuelle radiation définitive.
Katipult Technology Corp. (TSXV: FUND) hat ein Forderungsschreiben von seinen vorrangigen gesicherten Gläubigern erhalten, in dem die vollständige Zahlung von 3.000.000 CAD an ausstehendem Schulden gemäß dem Allgemeinen Sicherungsabkommen und den geänderten und neu gefassten besicherten wandelbaren Anleihen vom 18. Juli 2024 verlangt wird.
Die Gläubiger haben Mitteilungen über die Absicht zur Durchsetzung der Sicherheit gemäß dem Insolvenzgesetz bereitgestellt. KSV Restructuring Inc. wurde am 11. Februar 2025 als Treuhänder am Court of King's Bench in Alberta ernannt. Während das Unternehmen potenzielle Lösungen mit den Gläubigern diskutiert, um den Betrieb fortzusetzen, können keine Garantien gegeben werden.
Der Handel mit Katipult-Aktien wurde an der TSX Venture Exchange eingestellt, mit einer zu erwartenden Aussetzung und letztendlichen Delistung.
- None.
- Received demand for immediate repayment of C$3,000,000 in debt
- Bankruptcy proceedings initiated with receiver appointment
- Trading halted with pending delisting from TSXV
- Risk of complete business failure
Calgary, Alberta--(Newsfile Corp. - February 12, 2025) - Katipult Technology Corp. (TSXV: FUND) ("Katipult" or the "Company"), today announced it has received a demand letter from its senior secured lenders (the "Lenders"), which demand full payment of the Company's outstanding debt pursuant to the General Security Agreement dated July 18, 2024 and the Amended and Restated Secured Convertible Debentures dated July 18, 2024 in the total amount of C
In addition, the Lenders have each provided the Company with a Notice of Intention to Enforce Security (the "BIA Notices") pursuant to subsection 244(1) of the Bankruptcy and Insolvency Act (Canada) (the "BIA"). The Company has engaged in discussions with its creditors to evaluate potential solutions to enable the Company to carry on in some form in the future; however, there can be no assurances it will be able to successfully do so. Katipult intends to pursue all available options afforded by law to continue to support its customer base. KSV Restructuring Inc. was appointed to act as Receiver ("the "Receiver") February 11th, 2025 at the Court of King's Bench of Alberta. For further information please visit the Receiver's website at www.ksvadvisory.com/experience/case/Katipult.
Trading on the TSX Venture Exchange (the "TSXV") has been halted and the Company anticipates that trading on the TSXV will be suspended and that Katipult will ultimately be delisted.
About Katipult:
Katipult (www.katipult.com) is a provider of industry leading and award-winning software infrastructure for powering the exchange of capital in equity and debt markets. Our cloud-based platform and solutions digitize investment workflow by eliminating transaction redundancy, strengthening compliance, delighting investors, and accelerating deal flow. Katipult provides unparalleled adaptability for regulatory compliance, asset structure, business model, and localization requirements.
Contact Information
For further information, please contact:
Beth Shaw
Chief Executive Officer
Email: bshaw@katipult.com
Tel: 1(403) 457-8008
Cautionary Note Regarding Forward-Looking Information:
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of Canadian securities laws (each referred to as "forward-looking statements"). Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses, or current expectations, including the expected outcome of the Bankruptcy Proceedings, the expected enforcement actions by secured creditors and the Company's continued non-compliance with applicable Canadian securities laws. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to Katipult, as applicable, or that Katipult, deems immaterial, could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements, and you should not rely on them as predictions of future events. The forward-looking statements included in this communication are made as of the date of this communication and Katipult does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Disclaimer
Neither the TSXV nor its Regulation Service Provider (as defined policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240547
FAQ
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