BioVaxys Technology Corp. Announces Failure to File Cease Trade Order
BioVaxys Technology Corp. (CSE: BIOV, FRA: 5LB, OTCQB: BVAXF) has been issued a Failure-to-File Cease Trade Order (FFCTO) by the Ontario Securities Commission (OSC) due to delays in filing required financial statements and discussions for the fiscal year ending October 31, 2023, and the three months ending January 31, 2024. The FFCTO, effective May 15, 2024, prohibits any trading of BioVaxys securities in Canada. The company missed deadlines of February 28, 2024, for annual filings and April 1, 2024, for interim filings. They are working to complete these filings soon and expect the FFCTO to be lifted once compliance is achieved.
- The company is actively working to complete the required financial filings.
- BioVaxys anticipates resolving the compliance issue in the near future.
- The Ontario Securities Commission issued a Failure-to-File Cease Trade Order, prohibiting trading of BioVaxys securities in Canada.
- The delay in filings included audited annual financial statements and interim financial statements for specific periods.
- This is likely to negatively impact investor confidence and stock performance.
- The missed deadlines were as early as February 28, 2024, and April 1, 2024.
- The previous management cease trade order was revoked and replaced by the new FFCTO.
The FFCTO was issued as a result of the delay in filing the Company's audited annual financial statements for the year ended October 31, 2023, its management's discussion and analysis for the year ended October 31, 2023, and related filings (collectively, the "Required Annual Filings") and interim financial statements for the three months ended January 31, 2024, its management's discussion and analysis for the three months ended January 31, 2024, and related filings (collectively, the "Required Interim Filings"). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024, and the Required Interim Filings were required to be made no later than April 1, 2024.
The OSC had previously granted, on February 29, 2024, a management cease trade order, which has been been revoked and replaced by the FFCTO dated May 15, 2024.
The Company is working diligently to facilitate the completion of the Required Annual Filings and the Required Interim Filings and expects to be in a position to file in the very near future. The Company anticipates that the FFCTO will remain in place until such time as the Required Annual Filings and Required Interim Filings are filed and the OSC subsequently revokes the FFCTO.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in
ON BEHALF OF THE BOARD
Signed "James Passin"
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the Required Annual Filings and the Required Interim Fillings, including the ability of the Company to file the Required Annual Filings and the Required Interim Fillings by the timeline set out in this news release and any revocation of the FFCTO are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to complete its audit and file the Required Annual Filings and, subsequently, its Required Interim Filings as currently anticipated, the Company's ability to advance its business plans and the results thereof, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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SOURCE BioVaxys Technology Corp.
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