Cybeats Granted MCTO

Rhea-AI Summary

Cybeats Technologies Corp. announces that it has been granted a management cease trade order (MCTO) by the Ontario Securities Commission due to the delay in filing its annual audited financial statements. The company expects to file the required documents by June 30, 2024, and will issue bi-weekly default status reports until then. Cybeats confirms its compliance with alternative information guidelines and that it is not undergoing insolvency proceedings.

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• None.

Negative

• The delay in filing the financial statements may raise concerns among investors about the company's financial health and transparency. The issuance of the MCTO could impact investor confidence and lead to volatility in the company's stock price. The need for bi-weekly default status reports indicates ongoing challenges in meeting regulatory requirements, which may affect the company's reputation and credibility.

Toronto, Ontario--(Newsfile Corp. - April 30, 2024) - Cybeats Technologies Corp. (CSE: CYBT) (OTCQB: CYBCF) ("Cybeats'' or the "Company") announces that, further to its press release of April 18, 2024, the Company has been granted a management cease trade order (the "MCTO") by the Ontario Securities Commission (the "OSC"), pursuant to the Company's application made under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). The MCTO as issued is in connection with the delay by the Company in filing its annual audited consolidated financial statements (the "Financial Statements") and related management discussion and analysis ("MD&A") for the year ended December 31, 2023, by the prescribed deadline of April 29, 2024. The issuance of the MCTO will not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities.

The Company anticipates that it will be in a position to prepare and file the Filings on or prior to June 30, 2024.

The Company confirms: (i) that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements to file the Filing Statements within the prescribed period of time; (ii) the Company is not subject to any insolvency proceedings; and (iii) the Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About Cybeats
Cybeats is a cybersecurity company providing SBOM management and software supply chain intelligence technology, helping organizations to manage risk, meet compliance requirements, and secure their software from procurement to development and operation. Our platform gives customers comprehensive visibility and transparency into their software supply chain, enabling them to improve operational efficiency and increase revenue. Cybeats. Software Made Certain. Website: https://cybeats.com

SUBSCRIBE: For more information, or to subscribe to the Company's mail list, visit: https://www.cybeats.com/investors

Contact:
James Van Staveren
Corporate Development
Phone: 1-888-713-SBOM (7266)
Email: ir@cybeats.com

Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the products described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Company filings are available at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207553

FAQ

Why was Cybeats granted a management cease trade order?

Cybeats was granted a management cease trade order by the Ontario Securities Commission due to the delay in filing its annual audited financial statements and related management discussion and analysis for the year ended December 31, 2023.

What is the impact of the MCTO on Cybeats' ability to trade securities?

The issuance of the MCTO will not affect the ability of persons who have not been directors, officers, or insiders of the Company to trade in their securities.

When does Cybeats expect to file the required documents?

Cybeats anticipates that it will be able to prepare and file the financial statements on or before June 30, 2024.

How will Cybeats provide information during the default period?

Cybeats will issue bi-weekly default status reports in the form of news releases to satisfy the provisions of the alternative information guidelines under NP 12-203.

Is Cybeats undergoing insolvency proceedings?

Cybeats confirms that it is not subject to any insolvency proceedings.

Is there any undisclosed material information about Cybeats?

Cybeats confirms that there is no other material information relating to its affairs that has not been generally disclosed.