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Medifocus, Inc. (OTC PINK:MDFZF) announced its decision to terminate its stock registration with the SEC and cease trading on OTC PINK. The Company plans to file for voluntary deregistration on May 20, 2022, and will suspend its reporting obligations under the Securities Exchange Act of 1934. This decision follows a review of ongoing balance sheet restructuring initiated in September 2021, with further updates promised as significant developments arise.
Medifocus, Inc. (OTC PINK:MDFZF) has initiated restructuring proceedings as of September 8, 2021, to seek creditor protection due to financial challenges exacerbated by the COVID-19 pandemic. The company's aim is to restructure its balance sheet while continuing normal operations. Medifocus has received a proposal for debtor-in-possession financing from its secured lender to facilitate the restructuring process. The company is optimistic about maintaining focus on developing effective treatments despite the proceedings.
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