On May 13, 2025, the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued three orders in respect of Formula Solutions Inc. (the “Debtor”). Firstly, an order (the “Receivership Order”) appointing Bricks Damiani Inc. as receiver (the “Receiver”) of all the assets, undertakings and property of FSI. Second, an order (the “AVO”) authorizing and directing the Receiver to enter into an auction services agreement (the “Auction Services Agreement”) with Corporate Assets Inc. (“Corporate Assets” or the “Auctioneer”) and vesting the right, title and interest of the Debtor in and to the Property listed in the Auction Services Agreement (the “Purchased Assets”), to Corporate Assets upon the closing of the sale transaction under the Auction Services Agreement (the “Transaction”). Thirdly, an order (the “Ancillary Order”), which among other things, authorizes the Receiver to enter into an agreement (the “Auction Access Agreement”) between the landlord, the Receiver and the Auctioneer.

On May 12, 2026, the Ontario Superior Court of Justice adjudged the Debtor bankrupt and a Bankruptcy Order was made on that day. Pursuant to the Bankruptcy Order, Bricks Damiani Inc. was appointed as trustee of the bankrupt estate of the Debtor.

The First Meeting of Creditors will be held virtually on June 2, 2026 at 11:00 a.m. (Toronto Time). Creditors wishing to attend the meeting should send a request for a meeting invite to creditors@bricksdamiani.com.