Investors in Emerge Canada Inc. are still waiting for the return of their capital two months after the company said it was finalizing a plan to liquidate the funds under Ontario Securities Commission supervision.
When asked for an update last week, a spokesman for Emerge says there is nothing new to report.
Emerge Canada’s ETFs were launched in 2019 and are linked to those of New York-based ARK Investment Management LLC, which sub advises the funds. In April, the OSC imposed a trading halt on Emerge ETFs after it was reported the parent Emerge Canada owed money to its six funds. The sum owed is $5.5 million.
In a mid-May update, the company said it was finalizing a plan to wind up or sell its business. It said investors would receive prior notice and it would issue a press release at the same time. There has been nothing since.
Meanwhile, the better news for investors is that although the ETFs do not trade, their value has been rising along with the fortunes of parent ARK Investment in New York. The Emerge Canada web site indicates a strong price rebound year-to-date.
For now, investors will have to be patient and wait for the wind-up process to be completed.
Adam Mayers 
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