Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Alberta regulators are investigating American short-seller Marc Cohodes regarding his stake in Badger Daylighting Inc. (BAD-T), in the latest escalation of hostilities between the U.S. investor and the oil-services company.
A lawyer with the Alberta Securities Commission (ASC) divulged the existence of a wider probe at a hearing on Wednesday, the same day a commission panel dismissed a Badger-supported application for a cease-trade order against the California-based short-seller. The regulator is also mulling legal action against Mr. Cohodes, staff lawyer Don Young said, without providing specifics. “The investigation into Mr. Cohodes is extant and ongoing," he said during proceedings in Calgary.
A spokesperson for the ASC declined to elaborate on Thursday, citing internal policies.
-Jeff Lewis
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BTB Real Estate Investment Trust (BTB.UN-T) announced the sale of a property in Longueuil, Qué. for $5.65-million. “The net proceeds will be allocated to repay the outstanding lines of credit,” the company stated.
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Golden Leaf Holdings Ltd. (GLH-CN) says it plans to acquire a combined cultivation, production and retail license in Northern California, “dubbed a ‘Sweet 16’ license.” The company said it’s one of only 16 licenses of its kind issued by the City of San Jose “that allows the holder to operate in a vertically integrated fashion,” the company stated.
Golden Leaf said it will lease the seller’s facility to produce and distribute its branded products to third-party dispensaries and other wholesale sales channels in California. It will also retrofit the retail outlet into another Chalice Farms store. “The production facility will support additional Chalice Farms retail locations that may be opened in California in the future, aligning with the company’s go-to-market strategy,” it stated.
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EnWave Corp. (ENW-X) says it will take an impairment charge of $865,000 in its third quarter following the discontinuation of an exploratory equipment development project with Sutro Biopharma Inc. EnWave said it has been working under contract with Sutro for its Radiant Energy Vacuum technology to dehydrate a specific cell-free extract since 2012.
"EnWave was unable to satisfy certain quantitative bioactivity criteria for the dried cell-free extract; however, the throughput and process time metrics were achieved using REV™ technology," the company stated. "Due to project time metrics and additional investment required to pursue a solution, both companies decided to put any further development on hold for the foreseeable future. Sutro will independently continue development work to identify a suitable drying process for its cell-free extract."
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A&W Revenue Royalties Income Fund (AW-UN-T) said its fast-food chain has run out of its new “Beyond Meat Burger.” The company said the recently launched meatless burger has “exceeded expectations” and is temporarily out of stock.
“We’re working hard to offer guests the mouthwatering burger again very soon, and to ensure that when it’s back, it’s back for good,” said Susan Senecal, A&W Canada’s CEO. “The Beyond Meat Burger will be a permanent menu item and we are delighted that Canadians are as excited about it as we are!”
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