Aurora Solar Technologies Reinstatement of Trading Update
- None.
- Failure to file financial statements led to cease trade orders
- Non-compliance with Exchange Policy due to lack of independent directors
- Company aims to rectify deficiency by establishing director nominations committee
- Trading of common shares expected to resume by September 15, 2023
North Vancouver, British Columbia--(Newsfile Corp. - September 13, 2023) - Aurora Solar Technologies Inc. (TSXV: ACU) (the "Company") announces that failure-to-file cease trade orders issued by the British Columbia Securities Commission and the Alberta Securities Commission against the Company as a result of the Company's failure to file its audited financial statements, management discussion & analysis and related officer certifications for the year ended March 31, 2023 was revoked on September 6, 2023.
In addition, the Company informed the TSX Venture Exchange (the "Exchange") that it had determined that one of its independent directors was considered to be no longer independent. As a result, the Company is not in compliance with Exchange Policy 3.1 Sections 5.7 and 21(b) as it does not have sufficient independent directors at this time. In order to rectify this, the Company had established a director nominations committee to correct this deficiency which is expected to be completed on the earlier of its next annual general meeting or December 31, 2023. The Company is focussed on attracting the best possible independent board director candidates and encouraging board rotation to support its growth and opportunities in combination with developing strong corporate governance practices.
The Company anticipates that the Exchange will reinstate trading of the Company's common shares by September 15, 2023.
About Aurora Solar Technologies and BT Imaging:
BT Imaging Pty Ltd. is a globally recognized technology leader in proprietary photoluminescence (PL) measurement products for material inspection and quality control throughout the solar wafer, cell and module value chain. Aurora Solar Technologies Inc. ("Aurora"), a related metrology and software company, acquired BTI with the aim to leverage its strong metrology platforms and computer vision capabilities to support its smart factory solutions that embrace emerging trends in automation and process control.
Aurora's and BTI's products are used by some of the world's most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, Aurora has operations in Sydney, Australia, Shanghai, China, and partners in all major solar manufacturing markets. Aurora is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner. Aurora's website is located at www.aurorasolartech.com. BT Imaging's website is located at www.btimaging.com.
For further information contact:
Jake Bouma
Corporate Development
Phone: +1 (604) 317-3936
corpcomm@aurorasolartech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180498
