Vertiqal Studios Announces Extension of Maturity Date on Convertible Debentures
Vertiqal Studios pushed out most of its convertible debenture maturities to 2029 using a related party amendment under a financial hardship exemption.
Rhea-AI Summary
Vertiqal Studios (VERTF) has extended the maturity dates on a portion of its outstanding convertible debentures. The $1,000,000 debenture issued June 27, 2024 will now mature on June 27, 2029 instead of June 27, 2026, and holders of an aggregate $800,000 of the debentures issued May 1, 2025 have extended their maturity from May 1, 2027 to May 1, 2029. All other debenture terms are unchanged, and $750,000 of the 2025 debentures will retain the original May 1, 2027 maturity. The Aune Foundation, owned and controlled by a company director, agreed to these amendments, which are treated as a related party transaction under MI 61-101. Vertiqal relied on the “Financial Hardship” exemption from formal valuation and minority approval requirements.
Positive
- $1,000,000 2024 debenture maturity extended three years to June 27, 2029
- $800,000 of 2025 debentures pushed from May 1, 2027 to May 1, 2029
- All other debenture terms remain unchanged despite extended maturities
Negative
- Amendments rely on MI 61-101 “Financial Hardship” exemption, signalling financial stress
- Maturity changes involve a director-controlled entity, creating a related party transaction
- $750,000 of 2025 debentures still maturing May 1, 2027, leaving nearer-term obligations
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - September 18, 2026) - Vertiqal Studios Corp. (TSX: VRTS) (FSE: 9PY0) (the "Vertiqal" or the "Company") Vertiqal is pleased to announce that the holder of its convertible debenture issued on June 27, 2024 in the principal amount of
The Aune Foundation, a company owned and controlled by a director of the Company, has agreed to amend the maturity date with respect to the 2024 Debentures and 2025 Debentures, which constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied upon the "Financial Hardship" exemption from the formal valuation and minority shareholder approval requirements under MI 61-101. The Company did not file a material change report relating to the amendments less than 21 days before completion of the amendments, as it was not possible to do so in order to complete the amendments in an expeditious manner.
About Vertiqal Studios Corp.
Vertiqal Studios is a scaled digital-channel network and video-production studio that owns North America's largest gaming and lifestyle network. The Company helps global brands reach Gen Z and Millennial audiences through data-driven creative, always-on digital campaigns, and performance-oriented distribution. Vertiqal manages 200+ channels across TikTok, Instagram, YouTube, and Snapchat, producing over 100 pieces of content per day for a community of more than 52 million followers. Revenue is generated through a mix of direct brand partnerships, agency relationships, and platform monetization across its owned and operated channels.
For more information, please visit www.vertiqalstudios.com
For media inquiries, please contact:
Press Inquiries Email: info@vertiqalstudios.com
Investor Relations Email: ir@vertiqalstudios.com
Forward-Looking Information
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward‐looking statements and information contained in this news release.
The forward‐looking statements and information contained in this news release are made as of the date hereof, and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/315060
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Which Vertiqal Studios debentures had their maturities extended?
The maturity of the $1,000,000 convertible debenture issued June 27, 2024 was extended from June 27, 2026 to June 27, 2029. In addition, holders of an aggregate $800,000 of the convertible debentures issued May 1, 2025 agreed to extend their maturity from May 1, 2027 to May 1, 2029.
Which Vertiqal Studios debentures keep their original maturity date?
$750,000 of the 2025 convertible debentures will continue to have the original maturity date of May 1, 2027, and all other terms of the 2024 and 2025 debentures remain unchanged.
What regulatory exemption did Vertiqal Studios use for these amendments?
The company relied on the “Financial Hardship” exemption under Multilateral Instrument 61-101, which exempts it from the formal valuation and minority shareholder approval requirements for this related party transaction.
Why did Vertiqal Studios not file a material change report 21 days before completing the amendments?
The company did not file a material change report at least 21 days before completion because it stated this was not possible while still completing the amendments in an expeditious manner.
What is Vertiqal Studios’ core business?
Vertiqal Studios operates a scaled digital-channel network and video-production studio that owns what it describes as North America's largest gaming and lifestyle network. It manages over 200 channels across TikTok, Instagram, YouTube, and Snapchat, produces over 100 pieces of content per day for more than 52 million followers, and generates revenue from direct brand partnerships, agency relationships, and platform monetization.