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FRX Innovations Inc ( (TSE:FRXI) ) just unveiled an update.
FRX Innovations Inc. has announced the completion of the sale of its wholly-owned subsidiary, FRX Polymers, Inc., to FRX Acquisition, Inc., marking a significant strategic restructuring move. This transaction results in a net cash payment of US$907,001 to FRX Innovations and involves the assumption of approximately US$16.5 million of financial indebtedness. Following this sale, the company plans a name change to ‘Fireside Diversified Corp.’, a share consolidation, and a legal continuance to British Columbia’s jurisdiction. Additionally, due to not meeting certain continuous listing requirements, the company’s shares will be transferred to the NEX Board of the TSX Venture Exchange.
More about FRX Innovations Inc
FRX Innovations Inc. operates in the advanced materials industry, primarily focusing on producing innovative flame retardant polymer solutions. The company aims to provide sustainable and eco-friendly alternatives to traditional flame retardants, targeting markets that prioritize safety and environmental responsibility.
YTD Price Performance: -4.00%
Technical Sentiment Consensus Rating: Buy
Current Market Cap: C$4.39M
For a thorough assessment of FRXI stock, go to TipRanks’ Stock Analysis page.