Ianthus Capital Holdings Inc (ID)【ITHUF】株式ニュース

iAnthus Reports First Quarter 2021 Financial Results and Provides Update on Status of Recapitalization Transaction

May 17, 2021

NEW YORK and TORONTO, May 17, 2021 /CNW/ - iAnthus Capital Holdings, Inc (ITHUF). ("iAnthus" or the "Company") (CSE: IAN) (OTC: ITHUF), which owns, operates, and partners with regulated cannabis operations across the United States, today reported its financial results for the three months ended March 31, 2021.

First Quarter 2021 Financial Highlights

Revenue of $51.8 million, up 70% from the same quarter in the prior year.

Adjusted Gross Profit(4) of $32.6 million, up 111% from the same quarter in the prior year.

Adjusted Gross Margin(4) of 63%, up 12% from the same quarter in the prior year.

Net loss of $19.5 million, or a loss of $0.11 per share, compared to a loss of $236.3 million, or a loss of $1.38 per share, in the same quarter in the prior year.

Adjusted EBITDA(4) of $13.0 million, up from ($6.8) million in the same quarter in the prior year. EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA are included below.

Due to liquidity constraints experienced by the Company, the Company did not make applicable interest payments due on its 13% senior secured convertible debentures ("Secured Notes") and its 8% convertible unsecured debentures ("Unsecured Debentures") due during 2020. As previously disclosed, the non-payment of interest in March 2020 triggered an event of default with respect to these components of the Company's long-term debt, which, as of March 31, 2021, consisted of principal amounts at face value of $97.5 million and $60.0 million, and accrued interest of $19.0 million and $6.0 million, on the Secured Notes and Unsecured Debentures, respectively.

In addition, as a result of the default, as of March 31, 2021, the Company has accrued additional fees and interest of $14.2 million ("Exit Fees") in excess of the aforementioned amounts that are further detailed in the Company's financial statements.

As disclosed in the Company's filings with the applicable Canadian securities regulators and the SEC, the Company entered into a restructuring support agreement dated July 10, 2020 (the "Restructuring Support Agreement") with the holders of its Secured Notes (the "Secured Lenders") and a majority of the holders of its Unsecured Debentures (the "Consenting Unsecured Debentureholders") to effectuate a proposed recapitalization transaction (the "Recapitalization Transaction") to be implemented by way of a court-approved plan of arrangement ("Plan of Arrangement") under the Business Corporations Act (British Columbia). If consummated, the Company intends to issue up to an aggregate of 6,072,579,699 common shares upon the extinguishment of (i) $22.5 million of Secured Notes (including the Exit Fees), (ii) $40.0 million of Unsecured Debentures, including interest accrued thereon, and (iii) interest accrued on the interim financing in the amount of $14.7 million provided by the Secured Lenders. The Recapitalization Transaction remains subject to the receipt of all necessary regulatory approvals and approval by the Canadian Securities Exchange. The financial highlights herein do not give effect to the consummation of the Recapitalization Transaction.

Outstanding Shares 171,718,192 05/31/2021