An unknown buyer entered into a binding letter of intent to acquire Crosswinds Holdings Inc. (TSX:CWI) in a reverse merger transaction on November 13, 2018. Under the terms of the transaction, Crosswinds would acquire the counterparty in consideration for Crosswinds shares that on issuance would constitute a substantial majority of the company’s outstanding equity. The letter of intent is conditional on diligence, requisite corporate approvals, negotiation of definitive documentation and other conditions. On February 19, 2019, the parties entered into an amendment to the letter of intent, pursuant to which they have agreed to extend the exclusivity period to December 31, 2019. As of November 15, 2019, is unlikely to be completed. An unknown buyer cancelled the acquisition of Crosswinds Holdings Inc. (TSX:CWI) in a reverse merger transaction on December 31, 2019. The letter of intent lapsed on December 31, 2019, therefore the transaction will not occur. On February 19, 2019, the counterparty agreed to begin funding substantially all of the Crosswinds’ ongoing operating expenses until the transaction was either completed or terminated. Accordingly, the Crosswinds has recorded a recovery of expenses in the amount of CAD 0.33 million for the year ended December 31, 2019. During the period, January 1, 2020 through June 12, 2020, additional payments totaling CAD 0.03 million were received from the private counterparty.