As previously disclosed on
Although the Company continued to perform work for its other customers, the revenue generated in 2024 has been insufficient to cover the costs of ongoing operations. The resulting uncertainty has caused the resignation of a number of key employees in Divergent's
The Company's evaluation of strategic alternatives could result in a sale of the Company, a sale of a material portion of the Company's assets, a merger, business combination or a corporate reorganization, among other alternatives. The Company may also seek to obtain value for its tax losses and/or outstanding receivables.
The Company does not intend to disclose developments with respect to the strategic review process unless and until the Board of Directors has approved a definitive transaction or strategic option, unless otherwise required by law or disclosure of which is deemed appropriate. The Company cautions that there are no guarantees that the strategic review will result in a transaction or if a transaction is undertaken, as to its terms or timing.
For Further Information:
ABOUT
Headquartered in
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including, without limitation, statements pertaining to factors which could result in changes to anticipated sales volumes to material customers. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties, including: the risk of continued reductions in sales volumes to material customers, and the associated effects on the Company and its operations, which may include additional changes or reductions to the Company's business and the Company's ability to continue operations absent increases in demand for the Company's products and services or completion of one or more strategic alternative transactions. There are no guarantees that the strategic review process will result in any transaction or the timing of any proposed transaction. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the information is presented, including expectations provided to Divergent by its customers. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
Neither the
(Not for dissemination in
Source:
2024 GlobeNewswire, Inc., source