Webooook Information Technology Ltd., a Markham, Ontario-based company, filed an NOI on June 19 listing approximately $15.4 million in liabilities, including approximately $1.95 million to RBC.

Webooook and certain related entities operate a specialized e-commerce platform through a mobile shopping app called “HongMall”, which sells primarily Asian products to consumers across North America.

Between 2020 and 2023, the company experienced rapid growth, achieving annual sales close to US$99 million in 2022. However, rapid expansion into the US market led to significant financial challenges that depleted the company’s liquidity.

Following extensive pre-filing efforts to explore capital raising options, Webooook determined that it was necessary to pursue a court-supervised SISP. The company also intends to seek court approval of a DIP to be provided by shareholders.

EY is the proposal trustee.

Counsel is Reconstruct for Webooook, Fasken for the proposal trustee, and Aird & Berlis for RBC.