Nexera Provides Update#2 on Delayed Filing of Annual Financial Statements and MD&A and Management Cease Trade Order

Rhea-AI Summary

Nexera Energy Inc. (TSX Venture:NGY)(OTC PINK:EMBYF) has provided an update on its delayed filing of annual financial statements and MD&A. The company is currently subject to a management cease trade order (MCTO) issued by the Alberta Securities Commission. This MCTO restricts trading in Nexera's securities by the CEO and CFO until the Annual Filings are submitted.

Nexera's management now expects to file the Annual Filings on or before September 27, 2024, later than the previously anticipated date of September 13, 2024. The company confirms that there have been no material changes since the initial Default Announcement and no additional defaults are anticipated. Nexera will continue to issue bi-weekly default status reports to comply with alternative information guidelines.

Positive

• Management is working expeditiously to meet filing obligations
• No additional material information or defaults since the initial announcement
• Company continues to comply with alternative information guidelines

Negative

• Further delay in filing Annual Filings, now expected by September 27, 2024
• Ongoing management cease trade order (MCTO) restricting trading by CEO and CFO
• Failure to meet previously anticipated filing date of September 13, 2024

CALGARY, AB and SAN ANTONIO, TX / ACCESSWIRE / September 16, 2024 / Nexera Energy Inc. (TSX Venture:NGY)(OTC PINK:EMBYF) (the "Corporation", the "Company" or "Nexera") is providing a bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On July 16, 2024, the Company announced (the "Default Announcement") that, for the reasons disclosed in the Default Announcement, the filing of its annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year-ended March 31, 2024 (the "Annual Filings") would not be completed by the prescribed filing deadline.

Management of the Company is currently the subject of a management cease trade order ("MCTO") in regards to these Annual Filings, as granted by its principal regulator, the Alberta Securities Commission. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The Company's board of directors and its management confirms that they are working expeditiously to meet the Company's filing obligations and expect to file the Annual Filings on or before September 27, 2024 (previously anticipated by management to be on or before September 13, 2024).

As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date of this Default Status Report.

Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.

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

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.

View the original press release on accesswire.com

FAQ

When does Nexera Energy (EMBYF) expect to file its delayed Annual Filings?

Nexera Energy (EMBYF) now expects to file its delayed Annual Filings on or before September 27, 2024, later than the previously anticipated date of September 13, 2024.

What restrictions does the management cease trade order (MCTO) impose on Nexera Energy (EMBYF)?

The MCTO restricts all trading in securities of Nexera Energy (EMBYF) by the Chief Executive Officer and the Chief Financial Officer until the Annual Filings have been submitted.

How often will Nexera Energy (EMBYF) provide updates on its filing status?

Nexera Energy (EMBYF) intends to issue bi-weekly default status reports in the form of press releases until the Annual Filings have been submitted.

What is the reason for Nexera Energy's (EMBYF) delay in filing its Annual Filings?

The press release does not specify the exact reason for the delay in Nexera Energy's (EMBYF) Annual Filings. It only mentions that the reasons were disclosed in the initial Default Announcement on July 16, 2024.