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Highlights
- Cloud DX sells its wholly owned subsidiary, Cloud Diagnostics Canada ULC, following a court-approved restructuring.
- The transaction follows the notice of intention to make a proposal (NOI) and a reverse vesting order (RVO).
- A new entity, 16538363 Canada Ltd., was created to assume certain excluded liabilities.
Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has announced the completion of the sale of its wholly owned subsidiary, Cloud Diagnostics Canada ULC, as part of a court-approved restructuring process. This transaction follows the company's NOI proceeding, disclosed in June 2024, and was carried out under a Subscription Agreement and a reverse vesting order (RVO) issued by the Supreme Court of British Columbia in November.
As a result of the sale, Cloud Diagnostics Canada ULC issued new shares, which were purchased by 1493907 B.C. Ltd., making the purchaser the sole shareholder of the subsidiary. Pre-existing shares and related rights of the subsidiary were canceled without consideration.
Additionally, Cloud DX has formed a new entity, 16538363 Canada Ltd., which will assume certain excluded liabilities from Cloud Diagnostics Canada ULC. This new entity is expected to be assigned into bankruptcy under Canada’s Bankruptcy and Insolvency Act.
The sale is a key step in Cloud DX's ongoing restructuring efforts as part of its NOI proceeding. It allows the company to streamline its operations and sharpen its focus on core business activities moving forward.
