(Bloomberg) -- A small Canadian investment bank has been planning a conference at a posh Beverly Hills location next week to showcase a roster of corporate clients. There’s just one problem: the firm faces suspension by regulators and is getting ready to shut down.
Gravitas Securities Inc., which has offices in Toronto and Vancouver, is scheduled to hold the gathering at the bubble-gum pink Beverly Hills Hotel next week, according to an employee at the venue, the firm’s website and a listing on Eventbrite, an events site. It’s a five-star hotel where rooms are currently going for a minimum of about $1,300 a night on Expedia.
But Gravitas is “capital deficient” and has already informed regulators that it’s planning to wind up business as an investment bank, a notice from the Canadian Investment Regulatory Organization says. The body has scheduled a hearing for June 8, at which it will formally seek a suspension of Gravitas’s membership.
The conference, billed as the Gravitas LA Summit 2023, is slated to feature presentations by more than a dozen small companies, including toothbrush maker Bruush Oral Care Inc. and pharmacy operator Mednow Inc., according to marketing materials. Gravitas has helped raise money for both companies. Officials for Bruush and Mednow did not respond to a request for comment.
Gravitas and Chief Executive Officer Blayne Creed did not respond to multiple calls and an email requesting comment.
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