Canadian security regulators halted trading in shares of iAnthus Capital Holdings Inc. on Wednesday for nearly four hours amid reports about the cannabis company's difficult financial situation.
The Investment Industry Regulatory Organization of Canada or IIROC said it halted trading in shares of iAnthus on the Canadian Securities Exchange or CSE from 10.33 am to 2.15 pm on Wednesday.
Following the trading halt, iAnthus said in a statement that it is responding to a request from the IIROC regarding "speculative" online media reports with respect to the company's strategic alternatives review process.
iAnthus said it will not comment on speculative media reports and added that its strategic alternatives review process is ongoing. The company also said it will advise the market when material changes occur.
In early April, iAnthus said it did not make interest payments that were due on its 13.0 percent senior secured debentures as well as 13.0 percent unsecured convertible debentures due on March 31, 2020.
As of March 31, 2020, the aggregate principal amount outstanding on iAnthus' debt obligations was $159.2 million, including $97.5 million of secured debentures, $60.0 million of unsecured debentures, and $1.7 million of other debt obligations.
iAnthus noted that the decline in the overall public equity cannabis markets, combined with the extraordinary market conditions due to the COVID-19 pandemic, negatively impacted the financing markets and caused liquidity constraints for the company.The company added that despite its best efforts, it was not able to secure a further round of financing since December 20, 2019.
Further, iAnthus said at that time that it formed a special committee, comprised of five independent, non-management directors.
The special committee will investigate any potential conflicts of interest with respect to the company's CEO Hadley Ford and certain related parties as well as oversee the company's strategic alternatives review process.
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