Hellenic Dynamics
Hellenic Dynamics is battling to stay afloat after receiving a ‘winding-up petition’ from one of its creditors, requiring it to pay its debts and accrued interest in full or face potential liquidation, and has seen its shares temporarily suspended from trading.
On August 01, the medical cannabis cultivator based in Northern Greece, announced that its legal advisors, Hill Dickinson, had filed the petition in court, with a hearing date scheduled for 28th August 2024.
The legal action related to an outstanding amount of £85,058.83. Interest on the debt has been accruing at a rate of £21.29 per day since the petition was filed on July 16, 2024.
A winding up petition is a serious legal action that can lead to a company being forced into liquidation. A creditor, who is owed at least £750 and believes the company is unable to pay its debts, can file this petition in court. The petition is then served on the company, giving it notice that the creditor seeks to liquidate the business.
Once the petition is served, the court sets a hearing date to determine if the company is insolvent. If the court finds the company unable to pay its debts, it may issue a winding up order, leading to the company’s compulsory liquidation.
Before the court hearing, the company has limited time to resolve the issue, either by paying off the debt, negotiating with the creditor, or disputing the claim in court. Failure to address the petition could result in the freezing of the company’s bank accounts and other severe restrictions on its operations.
Hellenic has said that, in order to pay its debts, it is relying on the receipt of a €1m loan announced in April, that it expects to receive in ‘mid-August’, just days before the scheduled court date.
The cultivator is reportedly in discussions with Hill Dickinson LLP and their solicitors, Wedlake Bell LLP, to resolve the matter and says it will keep the market informed of any developments.
In tandem with this announcement, Hellenic informed the market that its financial results for the year ending March 31, 2024, will be delayed.
It attributed this to ‘missing key information’, including confirmation of the aforementioned loan.
As a result of this delay, Hellenic Dynamics has requested and been granted a temporary suspension of its shares from trading on the London Stock Exchange until the results are published. The company expects to release its financial results later in August, and the suspension will remain in place until that time.
Ananda Developments
Ananda Developments, which was first listed on the Aquis Stock Exchange (AQSE) in 2018, has announced its move to the ‘Apex’ segment of the exchange.
Its transition from the ‘Access’ segment to the more senior ‘Apex’ segment took place on August 5th, and will open the company up to greater liquidity moving forward.
The Apex segment is aimed at larger companies with a market capitalisation of at least £10m, and has much stricter eligibility criteria than its more accessible counterpart.
As companies are required to meet far higher standards of corporate governance, greater liquidity is encouraged, while the process of launching on a second growth market, such as the OTCQB and the Frankfurt Stock Exchange, is significantly simplified.
“We are delighted to qualify for the top tier of trading on the Aquis Stock Exchange Growth Market,” Ananda’s CEO, Melissa Sturgess, said.
“The move to the Apex segment is recognition of the commitment of the team to evolve Ananda into a sophisticated life sciences company, with a clear strategy and promising results. Apex provides even further visibility for investors, and we welcome the increased emphasis on transparency, liquidity and corporate governance which aligns entirely with our own internal ideals.
Alasdair Haynes, CEO, Aquis Exchange PLC said: “We are delighted to see Ananda move up to the Apex segment of the Aquis Stock Exchange Growth Market. It’s fantastic to see how the company has progressed so far, and I am proud that Aquis can offer a tailored experience for growth companies that allows for increased exposure to investors at appropriate stages.”
Phytanix Bio
Phytanix Bio, a pharmaceutical company focused on developing therapies based on cannabinoids and similar molecules, is set to go public through a merger with Chain Bridge I, a Special Purpose Acquisition Corporation (SPAC). The deal, valued at $58 million, is expected to close in the fourth quarter of 2024, with the newly formed company, Phytanix Inc., to be listed on the Nasdaq under the ticker symbol ‘PHYX’.
The leadership team of Phytanix brings extensive experience from GW Pharmaceuticals, a pioneer in cannabinoid-based medicines. Barrett Evans, Managing Director at EMC2 Capital, will serve as CEO, while Colin Stott, a former director at GW Pharmaceuticals, will take on the role of COO. The team also includes experts in intellectual property and preclinical development, all of whom have played crucial roles in the development of successful cannabinoid medicines like Sativex and Epidiolex.
Phytanix plans to advance its lead product candidates into clinical trials, focusing on treatments for conditions such as treatment-resistant facial seizures and Painful Bladder Syndrome. The merger is expected to provide Phytanix with up to $11 million in cash at closing, with additional funds to be raised through convertible preferred stock. The company aims to leverage its experience and resources to pioneer new cannabinoid-based therapies for unmet medical needs
