Canada-based PV manufacturer Day4 Energy Inc. says that Day4 and 0941212 B.C. Ltd. – a company indirectly owned and controlled by Day4 President and CEO George Rubin and Executive Vice President and Chief Financial Officer Douglas Keast – have entered into a new arrangement.
Under the arrangement, Day4 will transfer all of its business, assets and operations to 094, in exchange for cash consideration of $500,000, and 094 will assume all of the liabilities of Day4.
Following the completion of the arrangement, Day4 will have no assets or liabilities other than $500,000 cash and will seek to review strategic alternatives to realize any additional value.
The completion of the arrangement is subject to the satisfaction of a number of conditions including approval by the shareholders of Day4 and the Supreme Court of British Columbia, as well as other regulatory conditions.
In light of the proposed arrangement and the inability of Day4 to meet continued listing requirements of the Toronto Stock Exchange, Day4's board of directors has authorized Day4 to apply for a voluntary delisting of its common shares from the exchange. Day4 says it will make a further announcement regarding the specific timing of the delisting.