LeddarTech Holdings Inc. (Nasdaq: LDTC), Bankruptcy

LeddarTech Holdings Inc. (Nasdaq: LDTC), a Québec City-based AI-powered software company known for its autonomous driving technology, filed an assignment in bankruptcy on June 18, listing approximately $145.9 million in liabilities ($138.9 million of which is secured), including $53.2 million to Investissement Québec and $40.3 million to Desjardins.

LeddarTech was founded in 2007 and headquartered in Québec City with additional R&D centres in Montréal and Tel Aviv, Israel. It listed on the Nasdaq in December 2023, but struggled to meet the $1 USD share price minimum.

More recently, the company has attempted to stave off bankruptcy by trying to secure bridge financing, undertaking a strategic review (which was ultimately unsuccessful in finding a suitable purchaser or investor) and laying off 95% of its staff.

After considering all available alternatives and receiving a notice of default from its bridge lenders, LeddarTech’s board of directors determined that it was in the best interests of the company and its stakeholders to file an assignment in bankruptcy.

Raymond Chabot is the bankruptcy trustee.