April 19, 2022
Chisel AI, a Toronto, Ontario-based technology company developing a commercial insurance workflow management platform, filed an assignment in bankruptcy on April 19. The company was seeking investment financing to strategically grow its business and had identified investors and signed a term sheet. However, the lead investor experienced several delays in closing its round. In order to mitigate its risk, the company engaged in conversations with several potential strategic acquirors. After exploring these possibilities and with no confirmation of its ability to close on the financing and no definitive offers for acquisition, Chisel decided to cease operations to conserve cash. MNP is the bankruptcy trustee. Loopstra Nixon is counsel for the bankruptcy trustee.
By Dina Milivojevic