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Group of Debentureholders Commences Lawsuit Against GPI Finco (Canada) Inc. and Odyssey Trust Company

Granite Point Capital Management, LP
·2-min read

TORONTO, March 16, 2022 (GLOBE NEWSWIRE) -- Entities related to Granite Point Capital Management, LP, E Squared Capital, Cohen Capital, and Hadron Capital1 along with several other debentureholders (the “Applicants”) announced today that they have commenced litigation against GPI Finco (Canada) Inc. (“GPI”) and Odyssey Trust Company (“Odyssey”) in the Ontario Superior Court of Justice (the “Lawsuit”). Each of the Applicants held debentures issued by GPI. The Lawsuit concerns GPI’s refusal to issue certain share purchase warrants (the “Warrants”) to the Applicants, allegedly in breach of the Applicants’ contracts with GPI.

Among other things, the Applicants claim that GPI (through Odyssey as warrant agent) refused to issue the Warrants on the basis that the Applicants did not provide GPI with proof of an exemption from either the Canadian securities law prospectus requirement or the U.S. securities law registration requirement (an “Exemption”) prior to September 17, 2021, when the debentures were repaid and terminated.

The Applicants allege that GPI had no basis to refuse to issue the Warrants given that each of the Applicants either provided proof of an Exemption in 2019 (in the case of the U.S. Applicants) or were not required to provide proof of an Exemption at all (in the case of the offshore Applicants).

The Lawsuit seeks a Court Order requiring GPI to issue the Warrants to the Applicants.

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For more information, please contact:

Edward Ilyadzhanov
CIO, E Squared Capital Management
212 235 0480
ed@esquaredcapital.com

1 Entities including: Granite Point Capital Master Fund, LP, Granite Point Capital Scorpion Focused Ideas Fund, a series of Granite Point Capital Focused Opportunities Series Fund, LP, Granite Point Capital Panacea Global Healthcare Fund, a series of Granite Point Capital Focused Opportunities Series Fund, LP, E Squared Capital Fund, LP, G PEAK, a series of E Squared Investment Fund, LLC, L&J Cohen, Inc., Hadron Master Fund, Hadron Healthcare and Consumer Special Opportunities Master Fund