Cloud DX Ceases Trading

Rhea-AI Summary

Cloud DX (CDXFF) has received a Cease Trade Order from the Ontario Securities Commission on May 7, 2025, due to failure to file FY2024 audited financial statements. The company's trading was initially halted after its subsidiary filed for bankruptcy protection on June 6, 2024. Following a court-supervised sale process, Cloud Diagnostics Canada ULC was sold to 1493907 B.C. Ltd through a Reverse Vesting Order on December 13, 2024. After this transaction, Cloud DX ceased all operations, with all assets transferred to the purchaser. The company's board of directors was subsequently dissolved on May 27, 2025.

Positive

• None.

Negative

• Company received Cease Trade Order due to failure to file audited financial statements
• Subsidiary filed for bankruptcy protection
• Company ceased all operations following asset sale
• Board of directors has been dissolved
• All assets transferred to purchaser through Reverse Vesting Order

KITCHENER, ON / ACCESS Newswire / June 11, 2025 / Cloud DX Inc. ("Cloud DX") (TSXV:CDX)(OTCQB:CDXFF) reports that it has received a Cease Trade Order from the Ontario Securities Commission (OSC) on May 7, 2025. The order was issued due to the inability of the Company to file audited financial statements for FY2024.

Trading of shares of the Company was initially halted when a subsidiary of the Company filed a Notice of Intention to Make a Proposal (the "NOI") under the Bankruptcy and Insolvency Act (the "BIA") on June 6, 2024. Following a court-supervised Sale and Investment Solicitation Process (the "SISP") the Company reported the sale of its wholly-owned subsidiary Cloud Diagnostics Canada ULC ("Cloud Canada") to 1493907 B.C. Ltd (the "Purchaser") under a Reverse Vesting Order (the "RVO") granted in BC Supreme Court on November 19, 2024. With the closing of the RVO Transaction on December 13, 2024, the Company ceased operations, and all assets of the Company were transferred to the Purchaser. On May 27, 2025 the Company's board of directors was dissolved.

Further information regarding the Transaction and documents related thereto can be accessed through the website hosted by Crowe MacKay & Company Ltd. in its capacity as proposal trustee for Cloud Canada: https://crowemackayco.ca/project/cloud-diagnostics-canada-ulc/

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

# # #

Officer Responsible for this Press Release:

Robert Kaul
Chief Executive Officer
Phone 888-543-0944
robert.kaul@clouddx.com

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.

Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.

SOURCE: Cloud DX Inc.

View the original press release on ACCESS Newswire

FAQ

Why did Cloud DX (CDXFF) stock cease trading in 2025?

Cloud DX received a Cease Trade Order from the Ontario Securities Commission on May 7, 2025, due to failure to file audited financial statements for FY2024.

What happened to Cloud DX's assets and operations?

All of Cloud DX's assets were transferred to 1493907 B.C. Ltd through a Reverse Vesting Order on December 13, 2024, after which the company ceased operations.

When did Cloud DX's subsidiary file for bankruptcy?

Cloud DX's subsidiary filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act on June 6, 2024.

What was the final corporate action taken by Cloud DX before ceasing operations?

The final major corporate action was the dissolution of Cloud DX's board of directors on May 27, 2025.

Who purchased Cloud Diagnostics Canada ULC?

1493907 B.C. Ltd purchased Cloud Diagnostics Canada ULC through a court-approved Reverse Vesting Order on November 19, 2024.