On April 2, 2025, ClearPier Acquisition Corp. and 1000238820 Ontario Inc., the holding companies for four advertising technology subsidiaries based in Israel and Portugal, entered Companies’ Creditors Arrangement Act (CCAA) proceedings. These subsidiaries specialize in performance-based app marketing, focusing on user acquisition and engagement through targeted advertising and dynamic bidding strategies. The companies faced escalating financial difficulties due to the collapse of the pandemic-driven economic bubble, a sharp downturn in the cryptocurrency markets—impacting several key clients—and rising interest rates that increased operational expenses.

Export Development Canada (EDC), the sole secured creditor, is owed approximately CAD 36 million and USD 40 million. Using an exchange rate of approximately 1.38 CAD/USD as of early April 2025, the total secured debt equates to more than CAD 91 million. Additionally, overdue scheduled interest and principal payments total CAD 11 million and USD 11 million, or approximately CAD 26 million combined.

The purpose of the CCAA proceedings is to facilitate a court-supervised Sale and Investment Solicitation Process (SISP), with KPMG appointed as the sale advisor. The applicants are not currently seeking debtor-in-possession (DIP) financing. Richter has been appointed as the court-appointed monitor. Legal representation includes Stikeman Elliott LLP for the applicant companies, McCarthy Tétrault LLP for the monitor, and Norton Rose Fulbright LLP for EDC. As the SISP is ongoing, a definitive transaction value has not yet been disclosed.