Sixth Wave Announces Asset Foreclosure by Secured Lender

HALIFAX, NS, Dec. 19, 2023 /CNW/ - Sixth Wave Innovations Inc. (CNSX:SIXW.CN) (OTC-BB:SIXWF) (FSE:AHUH) ("Sixth Wave" or the "Company") announces that under the terms and conditions of that certain Secured Promissory Grid Note dated as of November 15, 2022 executed with Orca Holdings LLC ("Orca"), the obligations of which were guaranteed by and secured against the assets of 6th Wave Innovations Corp. ("6th Wave"), a wholly-owned subsidiary of the Company.  The Company and Orca have entered into an agreement, pursuant to which Orca shall exercise its right to foreclose on 6th Wave's assets and conduct a public foreclosure sale pursuant to the applicable provisions of the New York Uniform Commercial Code, N.Y. U.C.C. Law § 9-601 (McKinney) et seq.  The Company has tried several avenues to liquidate its assets, license IP, raise capital, and convert debt to equity to have capital to continue operations and satisfy creditors.  These efforts have not been successful.   As a result of the events and situation described above, and there being no operating capital to satisfy existing debt obligations, the Board is satisfied that it has no choice other than to proceed with the foreclosure.  Should the auction yield proceeds in excess of Orca's secured debt, such funds will be relinquished to 6th Wave and a usage plan will be generated based on the proceeds received.