IMV Inc., Immunovaccine Technologies Inc. and IMV USA Inc.

On May 1, 2023 IMV Inc., Immunovaccine Technologies Inc. and IMV USA Inc. (together, the "Applicants") sought and obtained an order (as amended from time to time, the ("Initial Order")) from the Supreme Court of Nova Scotia (the "Court") under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA"). The Initial Order provides, among other things, a stay of proceedings until May 5, 2023 (the "Stay Period") which may be extended by the Court from time to time. Pursuant to the Initial Order, FTI Consulting Canada Inc. has been appointed as monitor (the "Monitor").

On September 6, 2023 the Court issued an Order (the "Approval and Reverse Vesting Order") approving the sale transaction contemplated by an agreement of purchase and sale dated September 1, 2023 (the "Agreement") as between the Vendors and the Purchaser.

On September 6, 2023 the Court issued an Order (the "Interim Distribution and WEPPA Order") authorizing the Applicants to make a distribution to Horizon Technology Finance Corporation. The Interim Distribution and WEPPA Order also declared pursuant to section 5(5) of the Wage Earner Protection Program Act (Canada), SC 2005, c 47, s 1 (the "WEPPA"), IMV Inc. and Immunovaccine Technologies Inc. and their collective former employees meet the criteria prescribed by section 3.2 of the Wage Earner Protection Program Regulations, SOR/2008-222 and are individuals to whom the WEPPA applies as of the date of this Order.

On September 27, 2023, the Court issued an Order (the "Amended ARIO Order") amending the amended and restated initial order (the "ARIO") to expand the powers of the Monitor.

On November 29, 2023, the Court issued an Order (the "CCAA Termination and Monitor's Discharge Order"), which provided that, among other things, upon service by the Monitor of an executed certificate (the "Termination Certificate"), these CCAA Proceedings shall be terminated without any further act or formality (the "CCAA Termination Time"). The Order also provided that effective at the CCAA Termination Time, FTI shall be and is hereby discharged from its duties as the Monitor and shall have no further duties, obligations or responsibilities as Monitor from and after the CCAA Termination Time.

Bankruptcy

On December 1, 2023, IMV Inc. and Immunovaccine Technologies Inc., each filed an assignment pursuant to section 49(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c.-3). Subsequent to the First Meeting of Creditors, which was held on December 12, 2023, FTI Consulting Canada Inc., was appointed as trustee of the bankrupt estates. Please refer to the Bankruptcies section of this website for further details.

Claims Process

On September 27, 2023 the Court issued an order amending the Claims Process Order to authorize the Monitor and the Applicants to stop processing Claims and to dispense them from any further obligation to review certain Proofs of Claim filed and value the amounts and terms set out therein for voting and distribution purposes.

Please note that there will be no distributions to unsecured creditors.

Chapter 15 Proceedings

Proceedings under Chapter 15 of the United States Bankruptcy Code were initiated by the foreign representative of the Applicants on May 8, 2023. The Chapter 15 Proceedings were closed by Order of the United States Bankruptcy Court for the District of Delaware on January 5, 2024. Please refer to the Chapter 15 Proceedings section of this website for further details.

Further details relating to this matter may be accessed by using the menu to the left, or contacting the Monitor using the information below:

Phone: 1-416-649-8121
Toll Free: 1-833-860-8353
Email: imv@fticonsulting.com