The Whitby, Ont.-based gaming company Swarmio Media Holdings, which is listed on several exchanges including the Canadian Securities Exchange, also said it is looking to start a sale and investment solicitation process. It was granted the application on Wednesday, according to court documents. (The Logic)
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The Whitby, Ont.-based gaming company Swarmio Media Holdings, which is listed on several exchanges including the Canadian Securities Exchange, also said it is looking to start a sale and investment solicitation process. It was granted the application on Wednesday, according to court documents. (The Logic)
Talking point: The company “is an early stage, pre-revenue” firm that “is insolvent and unable to raise the capital necessary to fund its development,” according to court documents. It has not been able to make payroll, owing roughly $1.1 million to its Canadian staff, which totalled 22 full-time workers prior to filing. Swarmio had about $10.3 million in liabilities as of June 10. It has two loan agreements with the Business Development Bank of Canada with a principal of $250,000. Swarmio said it experienced “unanticipated challenges,” including a sales cycle and negotiations that both took longer than expected.
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