DevvStream Announces Delay in Filing Annual Financial Statements
DevvStream Holdings (OTCQB: DSTRF) has announced a delay in filing its annual financial statements for the year ended July 31, 2024. The company missed the October 29, 2024 filing deadline as it had expected to complete a business combination with Focus Impact Acquisition Corp, which would have eliminated the filing requirement. Management has received a cease trade order affecting the CEO and CFO. DevvStream expects to file the required documents by November 26, 2024, with a final deadline of December 30, 2024. The company will issue bi-weekly default status reports until the filings are complete.
DevvStream Holdings (OTCQB: DSTRF) ha annunciato un ritardo nella presentazione dei bilanci annuali per l'anno concluso il 31 luglio 2024. L'azienda ha mancato la scadenza del 29 ottobre 2024 poiché si aspettava di completare una combinazione aziendale con Focus Impact Acquisition Corp, che avrebbe eliminato l'obbligo di presentazione. La direzione ha ricevuto un'ordinanza di sospensione delle attività che riguarda il CEO e il CFO. DevvStream prevede di presentare i documenti richiesti entro il 26 novembre 2024, con una scadenza finale fissata al 30 dicembre 2024. L'azienda emetterà rapporti di stato sul default ogni due settimane fino al completamento delle presentazioni.
DevvStream Holdings (OTCQB: DSTRF) ha anunciado un retraso en la presentación de sus estados financieros anuales para el año que terminó el 31 de julio de 2024. La compañía no cumplió con la fecha límite de presentación del 29 de octubre de 2024, ya que esperaba completar una combinación empresarial con Focus Impact Acquisition Corp, lo que habría eliminado el requisito de presentación. La dirección ha recibido una orden de cese de comercio que afecta al CEO y al CFO. DevvStream espera presentar los documentos requeridos para el 26 de noviembre de 2024, con una fecha límite final del 30 de diciembre de 2024. La empresa emitirá informes de estado de incumplimiento cada dos semanas hasta que se completen las presentaciones.
DevvStream Holdings (OTCQB: DSTRF)는 2024년 7월 31일로 종료되는 연간 재무제표 제출이 지연되었음을 발표했습니다. 회사는 Focus Impact Acquisition Corp와의 사업 결합을 완료할 것으로 예상했기 때문에 2024년 10월 29일 제출 기한을 놓쳤습니다. 이 결합은 제출 의무를 제거했을 것입니다. 경영진은 CEO와 CFO에 영향을 미치는 거래 중지 명령을 받았습니다. DevvStream은 2024년 11월 26일까지 필요한 문서를 제출할 것으로 예상하며, 최종 기한은 2024년 12월 30일입니다. 회사는 제출이 완료될 때까지 2주마다 기본 상태 보고서를 발행할 것입니다.
DevvStream Holdings (OTCQB: DSTRF) a annoncé un retard dans le dépôt de ses états financiers annuels pour l'année s'achevant le 31 juillet 2024. L'entreprise a manqué la date limite de dépôt du 29 octobre 2024, car elle s'attendait à finaliser une combinaison d'entreprises avec Focus Impact Acquisition Corp, ce qui aurait éliminé l'obligation de dépôt. La direction a reçu une ordonnance de cessation d'activité touchant le PDG et le directeur financier. DevvStream prévoit de soumettre les documents requis d'ici le 26 novembre 2024, avec une date limite finale fixée au 30 décembre 2024. L'entreprise publiera des rapports bimensuels sur le statut du défaut jusqu'à ce que les dépôts soient complets.
DevvStream Holdings (OTCQB: DSTRF) hat eine Verzögerung bei der Einreichung ihrer Jahresfinanzberichte für das am 31. Juli 2024 endende Geschäftsjahr angekündigt. Das Unternehmen hat die Frist am 29. Oktober 2024 verpasst, da es erwartet hatte, eine Unternehmenszusammenlegung mit Focus Impact Acquisition Corp abzuschließen, die die Einreichungsverpflichtung hätte eliminieren können. Die Geschäftsführung hat eine Handelsstoppverfügung erhalten, die den CEO und den CFO betrifft. DevvStream plant, die erforderlichen Dokumente bis zum 26. November 2024 einzureichen, mit einer endgültigen Frist am 30. Dezember 2024. Das Unternehmen wird alle zwei Wochen Statusberichte über den Verzug herausgeben, bis die Einreichungen abgeschlossen sind.
- None.
- Failed to meet regulatory filing deadline for annual financial statements
- Management cease trade order (MCTO) imposed on CEO and CFO
- Planned De-SPAC transaction with Focus Impact Acquisition Corp failed to complete on time
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2024) - DevvStream Holdings Inc. (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, today announced that its annual financial statements for the year ended July 31, 2024, including the related management discussion and analysis, annual information form, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of October 29, 2024 (the "Filing Deadline").
The Company had expected to complete its previously announced business combination transaction with Focus Impact Acquisition Corp. (the "De-SPAC Transaction") prior to the Filing Deadline, and accordingly the Company intended to apply to cease to be a reporting issuer in the provinces of British Columbia, Alberta, and Ontario, in which case the Annual Financial Filings would not have been required. Since the De-SPAC Transaction did not complete prior to the Filing Deadline, the Company is now in the process of preparing the Annual Financial Filings but was unable to finalize the Annual Financial Filings by the Filing Deadline.
The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by November 26, 2024. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before December 30, 2024.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a pipeline of over 140 technology-based projects worldwide, DevvStream makes it simple for corporations and governments to address their net-zero goals while generating premium carbon credits in the process. DevvStream takes a programmatic approach to evaluating project opportunities, and co-develops projects spanning energy-efficient buildings, facilities and homes, industrial facilities, LED systems, EV charging stations, and technologies to seal oil wells. The Company's end-to-end proprietary solution removes the risk and complexity from every step, allowing organizations to move from project ideation to credit monetization with ease. The result is a multi-year stream of carbon credit revenue that transforms sustainability into a financial investment. In addition, for organizations that need help to offset their most difficult-to-reduce emissions, we also provide premium carbon credits for purchase.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include, without limitation, statements related to the timing and completion of the Annual Filings and other statements regarding the future developments and the business and options of the Company. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to, statements relating to the Company's financial performance, business development, results of operations, and those listed in filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedarplus.ca). Accordingly, readers should not place undue reliance on any such forward looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws.
Cboe Canada has neither approved nor disapproved the contents of this news release. Cboe Canada does not accept responsibility for the adequacy or accuracy of this release.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media & Investor Contacts
DevvStream@icrinc.com
info@fcir.ca
Phone: (332) 242-4316
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228429
FAQ
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