G6 Materials has announced it will cease all revenue generating activities due to legal hardships, an inability to raise capital, insolvency issues and an impending failure to file cease trade order to be issued by the British Columbia Securities Commission.
The Company will cease operations at its Ronkonkoma, NY facility following an eviction notice from the landlord due to significant unpaid rent. The Company maintains the Graphene Supermarket and Breathe Plus digital assets and will look to develop opportunities within these avenues for revenue generation. The Company is currently assessing its situation to determine the next steps.
On October 2, 2024, the Company announced that it had been issued a management cease trade order (the “MCTO”) by the British Columbia Securities Commission, as it had determined that it would not be in a position to file its audited annual financial statements and accompanying management's discussion and analysis, with related CEO and CFO certificates, for the financial year ended May 31, 2024. At the time of issuance of the management cease trade order, the Company expected that it would be able to file the Annual Filings on or before December 1, 2024 and rectify certain legal issues facing the Company.
The Company continues its efforts to litigate against a lawsuit initiated by Daniel Stolyarov and Elena Polyakova. The Company denies all allegations in the lawsuit and has filed counterclaims against the plaintiffs.
The Company expects the issuance of the FFCTO this week, along with the suspension of trading on the TSX-V and its subsequent transfer to the NEX.
