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Following Lendified’s listing on the TSX.V in May 2020, the company struggled to maintain strong business operations throughout the pandemic. In a statement released on January 18, 2023, Lendified provided an update on the sale of its secured assets to pay back creditors. Upon the sale of these assets, the company will no longer have an operating business.
On the following day, January 19th, it was announced that Lendified Inc. would be acquired by Merchant Growth Inc. See an excerpt of the press release below:
VANCOUVER, BC, Jan. 19, 2023 /CNW/ - Merchant Growth Ltd. ("Merchant Growth"), together with its funding vehicle, Merchant Opportunities Fund Limited Partnership, is pleased to announce the acquisition of substantially all of the assets of Lendified Inc. ("Lendified").
Lendified has been supporting small businesses across Canada to finance their working capital needs since 2015. Lendified shares Merchant Growth's philosophy of open disclosure and a strong customer relationship management ethos.
David Gens, Founder & CEO of Merchant Growth notes: "We look forward to welcoming each and every Lendified customer to Merchant Growth, and we are committed to serving our new customers for the long term".
See the full press release here.
About Merchant Growth
Merchant Growth is a leading Canadian financial technology company that specializes in small business financing. Over the past decade, Merchant Growth has supported Canadian businesses with hundreds of millions of dollars in growth financing. Using an innovative approach that includes the latest technology, complete transparency, and thoughtful customer care, Merchant Growth is committed to helping make business financing easy to understand and accessible. To learn more, visit: www.merchantgrowth.com.
Merchant Opportunities Fund, the investment arm of Merchant’s group of companies, is currently raising on FrontFundr. To learn more, visit www.frontfundr.com/merchantopportunitiesfund.
What does this mean for your investment?
Lendified will be using the funds from the acquisition to pay off creditors and settle any remaining debts. Unfortunately, if you are still holding any shares since their listing on the TSX.V, those shares will not retain any further value.
If you would like to claim this as a loss on your 2023 Tax Return, please consult a tax advisor or your accountant.
If you have any questions regarding the acquisition and what this means for your investment, please reach out to support@frontfundr.com.
