05:09:45 EDT Wed 19 Jun 2019
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Acasta Enterprises Inc
Symbol C : AEF
Shares Issued 64,994,278
Close 2019-02-12 C$ 0.85
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Post says Acasta backer raises "serious concerns"

2019-02-13 09:33 ET - In the News

The Financial Post reports in its Wednesday edition that the latest twist for former special purpose acquisition company Acasta Enterprises came Tuesday when a privately held asset manager voiced "serious concerns" about a plan to convert debt held by the company's recently appointed co-chief executive officers into shares. The Post's Geoff Zochodne writes that Anson Advisors alleged in a press release that the proposed transaction was being done "at a significant discount to the current market price" of Acasta's shares, which closed Tuesday at 86 cents. Anson Advisors is the registered investment manager for Anson Funds, which owns or controls 18.7 per cent of Acasta's Class B shares. Acasta announced the planned conversion on Friday, when its shares closed at 91 cents. In a release, Acasta said that WFI Inc., an entity indirectly controlled by Acasta's co-CEOs, Charles Wachsberg and Richard Wachsberg, had agreed to convert nearly $4.8-million in high-yield, secured debt into Class B shares of Acasta. Acasta said it would issue to WFI around 6.5 million Class B shares at a deemed price of nearly 74 cents per share. The Wachsbergs co-founded the only business that Acasta still owns, Apollo Health and Beauty Care.

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