Nexera Announces Delayed Filing of Q1 Financial Statements and MD&A and Application for Management Cease Trade Order
Nexera Energy Inc. (OTC PINK:EMBYF) announced a delay in filing its Q1 financial statements due to ongoing issues with the 2021 annual financial statements. The Company anticipates missing the May 30, 2022 filing deadline, with a revised filing date no later than June 13, 2022. Additionally, Nexera has applied for a Management Cease Trade Order with the Alberta Securities Commission, which could restrict trading for insiders but not for the general public. Despite this setback, the Company reported no other material business developments since its last financial statements.
- The company intends to file Q1 financial statements by June 13, 2022, showing proactive management.
- No material business developments indicate stable operations aside from the filing delay.
- Delay in Q1 financial statements raises concerns about financial management and operational transparency.
- Application for Management Cease Trade Order indicates regulatory scrutiny and potential trading limitations for insiders.
CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / May 18, 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 Q1 financial statements, accompanying management's discussion and analysis and related CEO and CFO certifications for the quarter ended March 31, 2022 (collectively, the "Q1 Filings").
The current bookkeeper of the Corporation has recently informed the Corporation that, due to the delay in completing the 2021 annual financial statements on time, they will not be able to compile and complete the unaudited Q1 Financial Statements of the Corporation by the prescribed filing deadline, and the Company anticipates the Q1 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 30, 2022 (the "Filing Deadline").
The Company intends to continue to work diligently and expeditiously with its auditors and expects to file the Q1 Filings as soon as possible, and in any event no later than June 13, 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 Q1 Filings prior to the Filing Deadline, the Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders ("NP12-203"). The Company has made an application to the Alberta Securities Commission (the "ASC"), 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 Q1 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. (TSXV: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 Q1 filing for 2022?
When does Nexera Energy expect to file its Q1 financial statements?
What action has Nexera Energy taken regarding its delayed financial filings?
Will the Management Cease Trade Order affect all Nexera Energy shareholders?
What are the implications of the delay in financial statements for Nexera Energy (EMBYF)?
