The Securities Commission has granted an order for Wellteq Digital Health Inc. (the Filer) to cease being a reporting issuer. The Filer, a British Columbia corporation, had its common shares acquired by Advanced Human Imaging Ltd (now Advanced Health Intelligence Ltd) through a statutory plan of arrangement. Post-acquisition, the Filer’s outstanding warrants and options became exercisable for shares in the acquirer.
The Filer’s shareholders approved the arrangement, and the Supreme Court of British Columbia sanctioned it. Following the arrangement, the Filer’s shares were delisted from the Canadian Securities Exchange, and it announced its intention to cease being a reporting issuer. As of March 20, 2023, all outstanding securities of the Filer were held by the Purchaser, and the Filer had not filed its interim financial report for the period ending December 31, 2022.
The Filer was not eligible for simplified or modified procedures to cease being a reporting issuer due to its financial statement default and because it is not a foreign incorporated entity. The Filer has no intention of seeking public financing or issuing securities other than to the Purchaser or its affiliates.
The Commission’s decision, under the applicable securities legislation, including the Securities Act, R.S.O. 1990, c. S.5, as amended, and National Policy 11-206 Process for Cease to be a Reporting Issuer Applications, is based on the Filer meeting the necessary criteria to cease being a reporting issuer. The order means the Filer will no longer be subject to public disclosure obligations in any Canadian jurisdiction.