Liquidation: AKANDA CORP.

Form Type: 20-F

Filing Date: 2025-04-30

Corporate Action: Liquidation

Type: Update

Accession Number: 000121390025037490

Filing Summary: Akanda Corp. reports in its annual report that its wholly-owned subsidiary, Bophelo, is undergoing liquidation as mandated by the High Court of Lesotho. The liquidation process commenced in July 2022 following an application by the former Executive Chairman, Louisa Mojela. Akanda intends to contest this ruling and attempt to recover significant loans made to Bophelo. The company's overall financial health is in jeopardy as it expects no material revenues in 2025 due to the slashing of operations and reliance on funds from an ongoing business combination with First Towers and Fiber Corp. This precarious financial situation raises substantial doubt about Akanda's ability to continue as a going concern unless new funding is secured to support its operations and planned projects. Furthermore, additional risks include potential litigation from former executive claims and challenges in business acquisitions.