Axis Auto Finance has taken its latest step toward going away.

The Mississauga-based direct-to-consumer subprime lender, which sold its auto finance business to Fionic Canada in December, announced it has completed the process of going private by consolidating the company’s common shares so all shareholders other than president Ilja Troitschanski held a fractional Axis common share.

Following the consolidation, Axis canceled all fractional common shares and removed the names of any shareholders holding a fractional common share from the company’s register.

Since the valuation obtained in connection with the transaction confirmed that the common shares had no value, shareholders will not receive any consideration for the canceled shares.

The transaction was “overwhelmingly” approved by Axis shareholders at a special meeting held on May 30, the company said in a news release. The company announced the meeting in April.

Shareholders had voted in November to dissolve the company, but first it needed to go private to remove reporting expense obligations due to “active litigation impacting the company and its subsidiaries.”

Axis said it intends to apply to the applicable Canadian provincial securities regulatory authorities to cease its reporting issuer status.