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Ascent Industries hires financial firm to explore options

The company said it has hired Clarus Securities as financial adviser to complete a strategic review
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The company said there was no assurance it would pursue or execute any action or transaction

Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced that it has hired financial firm Clarus Securities to explore a range of strategic alternatives to strengthen the company's balance sheet and maximize its value.

"While the company is focused first and foremost on remedying the situation with Health Canada, management believes that a review of strategic alternatives will allow it to make informed decisions about the company in the interests of all stakeholders," said Blair Jordan, interim chief executive officer.

READ: Ascent Industries interim CEO Blair Jordan joins board of directors

Health Canada recently granted Ascent's subsidiary Agrima an extension until Dec. 17 after suspending and proposing to revoke its producer and dealer licenses.

The company said there was no defined timeline for the strategic review, and it could result in a number of outcomes (or none). There is "no assurance that the company will pursue or execute any specific action or transaction," the company said in a release, adding it does not intend to make any further comments on the matter unless required by law. 

Shares of Ascent were at C$0.19 on Wednesday. 

 

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Article
November 22 2018

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