Mr. Stephen Van Deventer reports
PREVECEUTICAL PROVIDES UPDATE ON MANAGEMENT CEASE TRADE ORDER
Preveceutical Medical Inc. is providing an update with respect to the management cease trade order (MCTO) issued by the British Columbia Securities Commission (the BCSC) under National Policy 12-203 -- Management Cease Trade Orders, effective as of May 2, 2024, and as previously announced by the company.
The MCTO was issued by the BCSC in connection with the delay by the company in filing its audited annual financial statements and accompanying management's discussion and analysis, with related chief executive officer and chief financial officer certificates, for the financial year ended Dec. 31, 2023, by the deadline of April 29, 2024, as required under applicable Canadian securities laws.
The company was unable to file its annual filings within the required time due to a lack of funds, which prevented the company from engaging its auditors and completing its audit in a timely manner. The company has since engaged Smythe LLP and expects to file the annual filings as soon as they are available, and in any event no later than June 28, 2024. The company cannot proceed to file its interim financial statements, accompanying management's discussion and analysis, and related CEO and CFO certificates for the period ended March 31, 2024 (collectively, the Q1 filings), prior to filing the outstanding annual filings in accordance with applicable Canadian securities laws and as such, the company was unable to complete the Q1 filings prior to the May 30, 2024, deadline. The company will issue a news release once the annual filings and Q1 filings have been filed.
The company is providing this status update in accordance with NP 12-203. Until the company files the annual filings and Q1 filings, it will comply with the alternative information guidelines set out in NP 12-203, including the issuance of biweekly default status reports in the form of news releases.
During the MCTO, the general investing public will continue to be able to trade in the company's common shares listed on the Canadian Securities Exchange. However, the company's CEO, CFO, and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the shares, nor will the company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the company except in accordance with legally binding obligations to do so existing as of April 29, 2024, being the date of the company's continuous disclosure default.
The company is not subject to any insolvency proceedings. If the company provides any information to any of its creditors during the period in which it is in default of filing the annual filings, the company confirms that it will also file material change reports on SEDAR+ containing such information. The company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on May 2, 2024, and the default status reports issued May 16, 2024, and May 30, 2024, and there is no other material information concerning the affairs of the company that has not been generally disclosed.
About Preveceutical Medical Inc.
Preveceutical is a health sciences company focused on developing innovative options for preventive and curative therapies utilizing organic and nature identical products. The company aims to be a leader in the preventive health sciences sector.
We seek Safe Harbor.
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