Cansortium Provides Bi-Weekly MCTO Status Update
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) has issued a bi-weekly default status report concerning a management cease trade order (MCTO) following a delay in filing its audited financial statements for 2021. The MCTO restricts trading for the CEO and CFO until all required filings are received by the Ontario Securities Commission. Cansortium anticipates filing these documents by May 27, 2022, and confirms no material changes since the original announcement. The company aims to comply with NP 12-203 guidelines as it resolves this matter.
- The company is actively working to file the required documents by May 27, 2022.
- There have been no material changes to the company's financial situation since the original announcement.
- The company failed to meet the original deadline for filing audited financial statements for 2021.
- The issuance of an MCTO indicates regulatory issues that could affect investor confidence.
MIAMI, May 19, 2022 /PRNewswire/ - Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) ("Cansortium" or the "Company"), a vertically-integrated cannabis company operating under the Fluent™ brand, is providing a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
On May 2, 2022, the Company announced that it applied for a management cease trade order ("MCTO") with the Ontario Securities Commission ("OSC") in connection with the delay in filing of its audited annual financial statements for the year ended December 31, 2021, and related management discussion and analysis and CEO and CFO certificates (collectively, the "Required Documents") by the prescribed filing deadline (the "Original Announcement"). The MCTO was issued on May 9, 2022 and restricts its Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until two full business days following the receipt by the OSC of all filings the Company is required to make under Ontario securities law (including the Required Documents). The MCTO does not affect the ability of other shareholders, including the public, to trade in securities of the Company.
The Company's management continues to work diligently to complete the Required Documents and, as previously disclosed by the Company on May 9, 2022, anticipates, but cannot assure, that the Required Documents will be filed by May 27, 2022.
The Company confirms that since the date of the Original Announcement: (i) other than as described above, there has been no material change to the information set out in the Original Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the Required Documents.
Cansortium is a vertically-integrated cannabis company with licenses and operations in Florida, Pennsylvania, Michigan and Texas. The Company operates under the Fluent™ brand and is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by Cansortium's unrelenting commitment to operational excellence in cultivation, production, distribution and retail. The Company is headquartered in Miami, Florida.
Cansortium Inc.'s common shares trade on the CSE under the symbol "TIUM.U" and on the OTCQX Best Market under the symbol "CNTMF". For more information about the Company, please visit www.getfluent.com.
Certain information in this news release may constitute forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates, and projections regarding future events.
Some of the forward-looking information contained in this press release include the duration of the MCTO and the Company's ability to complete the Required Documents and continue to satisfy the information guidelines set out in NP 12-203. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies that may cause the actual filing time of the Required Documents to be materially different from the estimated future filing time or prevent us from complying with the requirements of NP 12-203 and the forward-looking statements are not guarantees of future performance. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.
Company Contact
Robert Beasley, CEO
investors.getfluent.com
Investor Relations Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
investors@cansortiuminc.com
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SOURCE Cansortium Inc
FAQ
What is the reason for Cansortium's management cease trade order (MCTO)?
When does Cansortium expect to file its required documents?
How does the MCTO affect Cansortium's executive trading?
What is the current status of Cansortium's financial filings?
