Hellenic Dynamics
Hellenic Dynamics is battling to remain afloat after receiving a ‘winding-up petition’ from one in every of its collectors, requiring it to pay its money owed and accrued curiosity in full or face potential liquidation, and has seen its shares quickly suspended from buying and selling.
On August 01, the medical hashish cultivator primarily based in Northern Greece, introduced that its authorized advisors, Hill Dickinson, had filed the petition in courtroom, with a listening to date scheduled for twenty eighth August 2024.
The authorized motion associated to an impressive quantity of £85,058.83. Curiosity on the debt has been accruing at a charge of £21.29 per day because the petition was filed on July 16, 2024.
A winding up petition is a severe authorized motion that may result in an organization being compelled into liquidation. A creditor, who’s owed no less than £750 and believes the corporate is unable to pay its money owed, can file this petition in courtroom. The petition is then served on the corporate, giving it discover that the creditor seeks to liquidate the enterprise.
As soon as the petition is served, the courtroom units a listening to date to find out if the corporate is bancrupt. If the courtroom finds the corporate unable to pay its money owed, it might difficulty a winding up order, resulting in the corporate’s obligatory liquidation.
Earlier than the courtroom listening to, the corporate has restricted time to resolve the difficulty, both by paying off the debt, negotiating with the creditor, or disputing the declare in courtroom. Failure to deal with the petition might end result within the freezing of the corporate’s financial institution accounts and different extreme restrictions on its operations.
Hellenic has stated that, with a view to pay its money owed, it’s counting on the receipt of a €1m mortgage introduced in April, that it expects to obtain in ‘mid-August’, simply days earlier than the scheduled courtroom date.
The cultivator is reportedly in discussions with Hill Dickinson LLP and their solicitors, Wedlake Bell LLP, to resolve the matter and says it should maintain the market knowledgeable of any developments.
In tandem with this announcement, Hellenic knowledgeable the market that its monetary outcomes for the yr ending March 31, 2024, will likely be delayed.
It attributed this to ‘lacking key info’, together with affirmation of the aforementioned mortgage.
Because of this delay, Hellenic Dynamics has requested and been granted a short lived suspension of its shares from buying and selling on the London Inventory Trade till the outcomes are printed. The corporate expects to launch its monetary outcomes later in August, and the suspension will stay in place till that point.
Ananda Developments
Ananda Developments, which was first listed on the Aquis Inventory Trade (AQSE) in 2018, has introduced its transfer to the ‘Apex’ section of the change.
Its transition from the ‘Entry’ section to the extra senior ‘Apex’ section befell on August fifth, and can open the corporate as much as better liquidity transferring ahead.
The Apex section is aimed toward bigger firms with a market capitalisation of no less than £10m, and has a lot stricter eligibility standards than its extra accessible counterpart.
As firms are required to satisfy far larger requirements of company governance, better liquidity is inspired, whereas the method of launching on a second progress market, such because the OTCQB and the Frankfurt Inventory Trade, is considerably simplified.
“We’re delighted to qualify for the highest tier of buying and selling on the Aquis Inventory Trade Progress Market,” Ananda’s CEO, Melissa Sturgess, stated.
“The transfer to the Apex section is recognition of the dedication of the staff to evolve Ananda into a classy life sciences firm, with a transparent technique and promising outcomes. Apex supplies even additional visibility for buyers, and we welcome the elevated emphasis on transparency, liquidity and company governance which aligns fully with our personal inner beliefs.
Alasdair Haynes, CEO, Aquis Trade PLC stated: “We’re delighted to see Ananda transfer as much as the Apex section of the Aquis Inventory Trade Progress Market. It’s unbelievable to see how the corporate has progressed to date, and I’m proud that Aquis can supply a tailor-made expertise for progress firms that enables for elevated publicity to buyers at applicable phases.”
Phytanix Bio
Phytanix Bio, a pharmaceutical firm centered on growing therapies primarily based on cannabinoids and comparable molecules, is about to go public by means of a merger with Chain Bridge I, a Particular Goal Acquisition Company (SPAC). The deal, valued at $58 million, is predicted to shut within the fourth quarter of 2024, with the newly shaped firm, Phytanix Inc., to be listed on the Nasdaq beneath the ticker image ‘PHYX’.
The management staff of Phytanix brings in depth expertise from GW Prescribed drugs, a pioneer in cannabinoid-based medicines. Barrett Evans, Managing Director at EMC2 Capital, will function CEO, whereas Colin Stott, a former director at GW Prescribed drugs, will tackle the function of COO. The staff additionally consists of consultants in mental property and preclinical improvement, all of whom have performed essential roles within the improvement of profitable cannabinoid medicines like Sativex and Epidiolex.
Phytanix plans to advance its lead product candidates into medical trials, specializing in remedies for situations resembling treatment-resistant facial seizures and Painful Bladder Syndrome. The merger is predicted to offer Phytanix with as much as $11 million in money at closing, with extra funds to be raised by means of convertible most well-liked inventory. The corporate goals to leverage its expertise and assets to pioneer new cannabinoid-based therapies for unmet medical wants
