Gotham Green is demanding debt repayments from multistate cannabis operator iAnthus IAN ITHUF.
IAnthus recently disclosed that it's saddled with almost $160 million in debt. Its shares were suspended from trading on the Candian Securities Exchange after failing to provide financial reports by its June 15, 2020 deadline.
The cease of trade order could be revoked if the company makes the required fillings within 90 days of the date of the CTO.
The New York-based company has hired Canaccord Genuity as a third-party financial advisor.
The company “has received several expressions of interest" that would repay the secured debentures in full and in cash, the company announced.
Earlier this year, iAnthus co-founder and former-CEO Hadley Ford resigned. The decision came on the heels of a review conducted by a special committee of independent directors, which determined that Ford had "misused iAnthus' resources to his benefit."
Randy Maslow is currently interim CEO.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.