NEW
YORK, July 7, 2022 /PRNewswire/ - Voyager
Digital Ltd. ("Voyager" or the "Company") (TSX: VOYG) (OTC Pink:
VYGVF) (FRA: UCD2), today announced that it has given notice to the
Toronto Stock Exchange (the "TSX") that the Company will
voluntarily delist its common shares from the TSX. This action is
being taken by the Company in response to the TSX notifying the
Company that the TSX would be conducting a review of the
eligibility for continued listing on TSX of the Company's common
shares as a result of the Company and its main operating
subsidiaries filing voluntary petitions for reorganization under
Chapter 11 in the U.S. Bankruptcy Court of the Southern District of
New York.
Due to this review, trading in Voyager shares has been suspended
by the TSX. Voyager has also been notified that, due to its
bankruptcy filing, the Company no longer qualifies for the OTCQX
International. Effective today, shares will trade on the OTC Pink
Sheets. However, due to the TSX trading halt and delisting review,
shares are also halted on the OTC.
The Company plans to apply to the Canadian Securities Exchange
(the "CSE") to transition the trading of its common shares from the
TSX to the CSE. While the Company expects that trading in its
shares will transition from the TSX to the CSE, there is no
guarantee that the CSE will approve the trading in the Company's
shares or that such transition will occur.
Parties with questions about the chapter 11 process may contact
the Company's Claims Agent, Stretto, at +1 (855) 473-8665
(toll-free in the U.S.) or +1 (949) 271-6507 (for parties outside
the U.S.). They have also set up a website at
http://cases.stretto.com/Voyager, which includes court documents
and other information.
About Voyager Digital Ltd.
Voyager Digital Ltd.'s (TSX: VOYG) (OTC Pink: VYGVF) (FRA: UCD2)
US subsidiary, Voyager Digital, LLC, is a cryptocurrency platform
in the United States founded in
2018 to bring choice, transparency, and cost-efficiency to the
marketplace. Voyager offers a secure way to trade over 100
different crypto assets using its easy-to-use mobile application.
Through its subsidiary Coinify ApS, Voyager provides crypto payment
solutions for both consumers and merchants around the globe. To
learn more about the company, please
visit https://www.investvoyager.com.
Forward Looking Statements
Certain information in this press release, including, but not
limited to, statements regarding the intend to file an application
to list the common shares on the CSE and the listing of such shares
on the CSE, restructuring process, the restructuring Plan,
available remedies for recovery from 3AC, intended filings as part
of the restructuring process, resumption of account access, return
of value to customers, the ability of Voyager to continue as a
going concern, exploration of strategic alternatives, discussions
with third parties in respect of strategic alternatives and the
results of those discussions, the temporary nature of the
suspension of the platform, future growth and performance of the
business, the exploration of strategic alternatives, future
adoption of digital assets, anticipated trends and challenges in
our business and industry, the regulation of digital assets
offerings, the impact of the 3AC default on the Company, the
Company's liquidity and ability to satisfy customer orders and
withdrawals and the Company's anticipated results may constitute
forward looking information (collectively, forward-looking
statements), which can be identified by the use of terms such as
"may," "will," "should," "expect," "anticipate," "project,"
"estimate," "intend," "continue" or "believe" (or the negatives) or
other similar variations. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
Voyager's actual results, performance or achievements to be
materially different from any of its future results, performance or
achievements expressed or implied by forward-looking statements.
Moreover, we operate in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible
for our management to predict all risks, nor can we assess the
impact of all factors on our business or the extent to which any
factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking
statements we may make. In light of these risks, uncertainties, and
assumptions, the future events and trends discussed in this press
release may not occur and actual results could differ materially
and adversely from those anticipated or implied in the
forward-looking statements. It is uncertain as to the timing or
approval of any listing application with the CSE, timing or
results of the restructuring process or the terms of the final
restructuring plan, when account access will resume, the value to
be returned to customers, what amount Voyager will be able to
recover from 3AC for non-payment or the legal remedies available to
Voyager in connection with such non-payment or the impact on the
future business, cash flows, liquidity and prospects of Voyager as
a result of 3AC's non-payment. Forward looking statements are
subject to the risk that the global economy, industry, or the
Company's businesses and investments do not perform as anticipated,
that revenue or expenses estimates may not be met or may be
materially less or more than those anticipated, that parties to
whom the Company lends assets are able to repay such loans in full
and in a timely manner, that trading momentum does not continue or
the demand for trading solutions declines, customer acquisition
does not increase as planned, product and international expansion
do not occur as planned, risks of compliance with laws and
regulations that currently apply or become applicable to the
business and those other risks contained in the Company's public
filings, including in its Management Discussion and Analysis and
its Annual Information Form (AIF). Factors that could cause actual
results of the Company and its businesses to differ materially from
those described in such forward-looking statements include, but are
not limited to, the results of the restructuring process and the
terms of the restructuring plan, if such a plan is ultimately
agreed to, the results from the exploration of strategic
alternatives, the inability to resume trading, deposits,
withdrawals and rewards on the platform in a timely manner, an
inability to drawdown under the credit facility or access other
sources of financing, an increase in customer demands for
withdrawals from the platform, any insolvency or similar
proceedings with respect to 3AC, our ability to find a strategic
alternative, a decline in the digital asset market or general
economic conditions; changes in laws or approaches to regulation,
the failure or delay in the adoption of digital assets and the
blockchain ecosystem by institutions; changes in the volatility of
crypto currency, changes in demand for Bitcoin and Ethereum,
changes in the status or classification of cryptocurrency assets,
cybersecurity breaches, a delay or failure in developing
infrastructure for the trading businesses or achieving mandates and
gaining traction; failure to grow assets under management, an
adverse development with respect to an issuer or party to the
transaction or failure to obtain a required regulatory approval.
Readers are cautioned that Assets on Platform and trading volumes
fluctuate and may increase and decrease from time to time and that
such fluctuations are beyond the Company's control. Forward-looking
statements, past and present performance and trends are not
guarantees of future performance, accordingly, you should not put
undue reliance on forward-looking statements, current or past
performance, or current or past trends. Information identifying
assumptions, risks, and uncertainties relating to the Company are
contained in its filings with the Canadian securities regulators
available at www.sedar.com. The forward-looking statements in this
press release are applicable only as of the date of this release or
as of the date specified in the relevant forward-looking statement
and the Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
that date or to reflect the occurrence of unanticipated events,
except as required by law. The Company assumes no obligation to
provide operational updates, except as required by law. If the
Company does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements, unless
required by law. Readers are cautioned that past performance is not
indicative of future performance. There is no assurance that the
funds available under the loan agreement will be available or, even
if available will, together with any other assets of Voyager be
sufficient to safeguard assets.
The TSX has not approved or disapproved of the information
contained herein.
SOURCE Voyager Digital Ltd.
Press Contacts
Voyager Digital, Ltd.
Voyager Public Relations Team
pr@investvoyager.com
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SOURCE Voyager Digital Ltd.
