AI/ML Innovations Inc. Granted Management Cease Trade Order
Rhea-AI Summary
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) has been granted a Management Cease Trade Order (MCTO) by the British Columbia Securities Commission due to a delay in filing its audited annual financial statements for the year ended April 30, 2024. The MCTO restricts trading in company securities by the CEO and CFO but does not generally affect other shareholders' ability to trade. The company expects to file the required documents by September 15, 2024.
AI/ML Innovations focuses on artificial intelligence and machine learning technologies in digital health and wellbeing. The company has investments in Health Gauge (70% owned), Tech2Heal (22% ownership commitment), and AI Rx Inc. (70% owned).
Positive
- Company expects to file required financial documents by September 15, 2024
- MCTO does not generally affect non-insider shareholders' ability to trade
Negative
- Failure to file audited annual financial statements by the August 28, 2024 deadline
- Management Cease Trade Order issued, restricting trading by CEO and CFO
- Company in default of obligations under National Instrument 51-102
News Market Reaction 1 Alert
On the day this news was published, AIMLF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VICTORIA, BC / ACCESSWIRE / August 29, 2024 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, did not file its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended April 30, 2024 (the "Required Filings") by the filing deadline of August 28, 2024, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.
As previously announced on August 23, 2024 (the "Announcement"), the Company applied to the British Columbia Securities Commission (the "BCSC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The BCSC issued the MCTO on August 29, 2024. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities.
The Company and its auditor continue to work diligently toward completing the Required Filings and expect to remedy the default by filing the Required Filings on or before September 15, 2024.
The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca.
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.
About AI/ML Innovations Inc. https://aiml-innovations.com/
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (
Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding the MCTO and timing of the filing of the Required Filings. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedarplus.ca.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AI/ML Innovations, Inc.
View the original press release on accesswire.com
FAQ
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