Proactive Investors - Run By Investors For Investors

Ascent Industries hires financial firm to explore options

The company said it has hired Clarus Securities as financial adviser to complete a strategic review
cannabis plants
The company said there was no assurance it would pursue or execute any action or transaction

Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced that it has hired financial firm Clarus Securities to explore a range of strategic alternatives to strengthen the company's balance sheet and maximize its value.

"While the company is focused first and foremost on remedying the situation with Health Canada, management believes that a review of strategic alternatives will allow it to make informed decisions about the company in the interests of all stakeholders," said Blair Jordan, interim chief executive officer.

READ: Ascent Industries interim CEO Blair Jordan joins board of directors

Health Canada recently granted Ascent's subsidiary Agrima an extension until Dec. 17 after suspending and proposing to revoke its producer and dealer licenses.

The company said there was no defined timeline for the strategic review, and it could result in a number of outcomes (or none). There is "no assurance that the company will pursue or execute any specific action or transaction," the company said in a release, adding it does not intend to make any further comments on the matter unless required by law. 

Shares of Ascent were at C$0.19 on Wednesday. 

 

Contact Katie Lewis at [email protected]

Follow her on Twitter: @kelewis

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full ASNT profile View Profile

Ascent Industries Corp. Timeline

Article
November 22 2018

Related Articles

A visual representation of a drug candidate working in a dog
January 28 2019
The company has reaffirmed its upcoming milestones as it confirmed December quarter achievements.
cannabis
August 28 2018
Tidal Royalty provides capital to help grow licenced US cannabis firms in exchange for receiving a percentage of future top-line revenues.
cannabis extract
January 16 2019
The Kelowna, BC-based cannabis company specializes in the research, development, production, and testing of high-quality cannabis extracts and oils
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use