
Navigator Acquisition Corporation Provides Litigation Update Following Formal Complaint Filed In U.S. Federal Court
The complaint, filed on July 3, 2025, seeks compensatory damages of US$9,812,184.83 in connection with MGID's alleged failure to consummate the contemplated reverse takeover transaction. NAQ asserts that MGID terminated the SPA in bad faith, and that its actions caused significant economic harm including lost capital-raising fees and reimbursement expenses. As alleged in the complaint, MGID pursued an alternative listing on the CBOE Canada Inc. while improperly excluding NAQ from material discussions and continuing to use proprietary work performed by NAQ to advance its listing process.
Background and Legal Position
Since July 2022, NAQ has invested substantial resources in supporting MGID's transition to a public company, including forming a new entity, connecting MGID with auditors and legal counsel, and presenting the transaction at multiple investor events. The Company also self-disclosed a technical funding violation to regulators, resolved the issue through extensive legal diligence, and raised additional capital to advance the transaction.
NAQ asserts that MGID's termination letter contained inaccurate shareholder representations and omitted crucial facts surrounding delays and alternative listing discussions. The Company believes this termination was strategically devised to avoid NAQ's earned capital raising fee of 8% based on a target valuation of $120 million CAD , equating to $9.6 million CAD , as set forth in the SPA.
A copy of the complaint has been signed and submitted in accordance with federal rules and includes a demand for a jury trial.
Ongoing Commitment
NAQ remains committed to protecting shareholder interests and ensuring transparency as the litigation proceeds. The Company will continue to provide timely updates in accordance with Canadian securities commission requirements and TSX Venture Exchange rules.
For further information about Navigator, please contact:

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