Deveron Corp - DVRNF STOCK NEWS

Deveron Corp (TSXV: FARM) announced the immediate resignation of Albert Contardi from his position as director of the company on April 8, 2025. The company expressed gratitude for Contardi's contributions during his tenure and extended well wishes for his future endeavors.

Deveron Corp (TSXV: FARM) reported declining financial results for Q2/2025. Revenue decreased 22% to $11.9M from $15.3M in Q2/2024, while Non-IFRS Adjusted EBITDA fell 39% to $3.4M from $5.6M.

The company faced challenges including softer sales in fertility and specialty tissue products in Canada, macroeconomic pressures in North American agriculture, and exit from unprofitable carbon business. Operating expenses decreased 22% to $7.24M, with 16% reduction from cost optimization efforts. Gross profit margin declined from 74% to 68%.

Notably, Deveron has significant upcoming debt obligations: $10.1M in convertible debentures due May 2025 and $22M Term Debt at A&L level up for renewal. The company is currently under a cease trade order from OSC dated November 1, 2024, and has filed for revocation.

Deveron Corp (TSXV: FARM) has released its audited financial results for the year ended June 2024 and Q3 2024. For the 12-month period ended June 2024, revenue decreased 3.5% to $35.3M, while Adjusted EBITDA improved to $2.0M from $584K in 2023. The company recorded a significant goodwill impairment charge of $43.1M, primarily related to A&L Canada Laboratories acquisition.

In Q3 2024, revenue decreased 6.3% to $7.2M, with Adjusted EBITDA improving from -$950K to -$348K. The company faces significant financial challenges, including $10.1M in convertible debentures due in May 2025, $22M term debt at A&L Labs up for renewal, and $4.4M owing on operating line. The company has implemented cost reduction measures, eliminating $2M in SG&A and service contracts in Canada.

Deveron Corp (TSXV: FARM) has received a cease trade order (CTO) from the Ontario Securities Commission due to failure to file required annual financial documents by the October 28, 2024 deadline. The missing documents include audited consolidated financial statements, management's discussion and analysis, and management certifications for the year ended June 30, 2024.

While the CTO is in effect, certain non-insider beneficial holders can sell securities through foreign organized regulated markets. The company expects operations to continue uninterrupted and anticipates the CTO will be lifted shortly after the required filings are submitted.

Deveron Corp. (TSXV: FARM) announces an expected delay in filing its Annual Filings for the financial year ended June 30, 2024, due by October 28, 2024. The Ontario Securities Commission (OSC) denied the company's application for a voluntary management cease trade order and will impose a failure-to-file cease trade order (FFCTO) shortly after the deadline.

The delay is attributed to additional expenses and financing delays caused by a shareholder requisition for an annual and special meeting. Deveron expects to remedy the default within two months. The company reminds shareholders to vote at the upcoming annual and special meeting on October 25, 2024, where important matters will be addressed, including director elections, stock option plan approval, and a proposed share consolidation.

Deveron Corp. (TSXV: FARM), a leading agriculture services and data company in North America, has announced the closing of a debt settlement. The company has settled an outstanding promissory note of $400,000 through the issuance of 5,714,285 Units. Each Unit consists of one common share and one-half of one whole Common Share purchase warrant. Each whole warrant allows the holder to acquire one Common Share at $0.10 per share within 18 months from the issuance date.

The securities issued in this Debt Settlement are subject to a four-month plus one day hold period from the issuance date and applicable resale rules. The company clarifies that this press release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States, as the securities have not been registered under the U.S. Securities Act or state securities laws.

Deveron Corp. (TSXV: FARM) has announced the filing of its management information circular and related materials on SEDAR+ for the upcoming annual and special meeting scheduled for October 25, 2024. At the meeting, shareholders will be asked to vote on a proposal to consolidate the company's common shares on a basis of up to 5:1. The consolidation is subject to approval from the TSX Venture Exchange, securities regulatory authorities, and shareholders.

The circular includes the Statement of Executive Compensation for the stub period ended June 30, 2023, December 31, 2022, and the fiscal year ended June 30, 2024. This inclusion is a result of a routine continuous disclosure review by the Ontario Securities Commission staff and aims to correct an omission from the company's previous continuous disclosure materials.

Deveron Corp. (TSXV: FARM), a leading agriculture services and data company in North America, has announced changes to its Board of Directors. Bill Linton, Chris Irwin, Joelle Faulkner, and Tim Close have resigned as directors, following the satisfaction of conditions precedent to a settlement agreement dated August 14, 2024. The company has appointed Ron Patterson and Albert Contardi as new directors, with Ron Patterson also taking on the role of Chair of the board.

The board now consists of five directors: Ron Patterson, Albert Contardi, David MacMillan, Roger Dent, and Greg Patterson. Despite these changes, Deveron's annual and special shareholder meeting is still scheduled for October 25, 2024, where shareholders will vote on the election of directors among other matters.

Deveron Corp. (TSXV: FARM) has completed the final tranche of its non-brokered private placement, issuing 21,991,300 units at $0.07 per unit for gross proceeds of $1,539,391. In total, the company raised $3,135,810.37 through two tranches, issuing 44,797,291 units. Each unit comprises one common share and half a warrant, with each full warrant allowing the purchase of one common share at $0.10 for 18 months.

The company paid Canaccord Genuity Corp. $100,060.42 and issued 1,429,430 broker warrants. Deveron also plans to settle a $400,000 promissory note through a debt settlement, issuing 5,714,285 units, subject to regulatory approval. Proceeds will be used for working capital and partial repayment of promissory notes.