Nexera Announces Delayed Filing of Annual Financial Statements and MD&A and Application for Management Cease Trade Order
Nexera Energy Inc. (OTC PINK: EMBYF) announced a delay in filing its annual financial statements for the year ended December 31, 2021, originally due by May 2, 2022. This delay is attributed to staffing issues with both current and previous auditors, with an expected filing date no later than July 1, 2022. The company has applied for a Management Cease Trade Order (MCTO) from the Alberta Securities Commission due to this anticipated default. While Nexera will issue bi-weekly updates under the Alternative Information Guidelines, no significant business developments have occurred since the last financial statements.
- The company is actively working with its auditors to resolve the filing delay.
- Nexera plans to issue bi-weekly default status reports if MCTO is granted.
- Delay in filing annual financial statements raises concerns about compliance and transparency.
- The anticipated delay could negatively affect investor confidence and market perception.
CALGARY AB and SAN ANTONIO, TX / ACCESSWIRE / April 25, 2022 / Nexera Energy Inc. (TSXV:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") would like to provide an update on the status of the filing of its annual financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (collectively, the "Annual Filings").
The current auditors of the Corporation have recently informed the Corporation that, due to certain staffing issues experienced at the Corporation's prior auditors and staffing issues being experienced by the current auditors, they will not be able to complete the audit of the Corporation by the prescribed filing deadline, and the Company anticipates the Annual Filings will be delayed beyond the required filing deadline: (i) under Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations and pursuant to National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings, being May 2, 2022 (the "Filing Deadline").
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Annual Filings as soon as possible, and in any event no later than July 1, 2022.
Other than as previously disclosed by the Company and herein with this press release, the Company confirms that there have been no material business developments since the date of its last financial statements that were filed.
Management Cease Trade Order Application
In light of the delay in filing of the Annual Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The Company has made an application to the Alberta Securities Commission (the "OSC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default regarding the Annual Filings. The granting of the MCTO is at the discretion of the Alberta Securities Commission and there is no guarantee that this will be granted. 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. In the event that the MCTO is granted, it will be in effect until the default is remedied. The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default.
For further information, please contact:
Nexera Energy Inc. President, Shelby D. Beattie, by telephone at (403) 262-6000
Email: info@nexeraenergy.com
www.nexeraenergy.com.
About Nexera Energy Inc.
Nexera Energy Inc. (TSX Venture:NGY) is an energy company with oil producing properties in Southwest Texas. Nexera is owner and operator of the Lavernia, Wooden Horse and Stockdale Horizon Projects. Additionally, the Company owns and operates various working interests in the HugoCellR, HagCo, and MarPat partnerships. The Company also now owns
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein relating to the timing of the filing of financial statements constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking statements are based on the opinions and estimates of management 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 projected in the forward-looking statements. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Nexera Energy Inc.
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FAQ
What is the reason for Nexera Energy's delayed filing of annual financial statements?
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What is a Management Cease Trade Order (MCTO)?
