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Eat Well Group Inc. Announces Expected Delay in Filing Annual Audited Financial Statements
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Rhea-AI Summary
Eat Well Investment Group Inc. (CSE: EWG, US: EWGFF) announced a delay in filing its audited annual financial statements for the year ended November 30, 2021, which were due by March 30, 2022. The company applied for a management cease trade order (MCTO) with the British Columbia Securities Commission (BCSC), pending filing. If the filings are not made by May 9, 2022, trading restrictions may apply. The delays are attributed to complexities from multiple acquisitions, but no specific accounting concerns have been identified. Until the filings are completed, the company will issue bi-weekly default status updates.
Positive
Company is actively working to resolve filing delays and expects to meet the May 9, 2022 deadline.
No specific accounting or audit concerns reported, indicating potential stability.
Negative
Delay in required filings could lead to a management cease trade order, affecting CEO and CFO trading.
Increased scrutiny from regulators if the May 9 deadline is not met could impact company reputation.
VANCOUVER, British Columbia--(BUSINESS WIRE)--
Eat Well Investment Group Inc. (CSE: EWG) (US:EWGFF) (FSE: 6BC0) (“Eat Well” or the “Company”) announces that the filing of the Company’s audited annual financial statements for the year ended November 30, 2021, the related management’s discussion and analysis and certificates of its CEO and CFO (collectively, the “Required Filings”) will be delayed until after the filing deadline of March 30, 2022 (the “Filing Deadline”).
Although the Company and its auditors continue to work diligently toward completing the Required Filings as soon as possible, the Company has made an application to the British Columbia Securities Commission (the “BCSC”) for a management cease trade order (“MCTO”). If the Company has not made the Required Filings on or before March 30, 2022, the MCTO, if granted, would restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company until the Required Filings are filed. There is no guarantee that an MCTO will be granted. If the MCTO is not issued by the BCSC, the applicable Canadian securities regulatory authorities could issue a general cease trade order against the Company for failure to file the Required Filings within the prescribed time period.
The Company has experienced certain delays in the preparation of the audited annual financial statements as it relates to some of the Company’s portfolio investments. Many complexities were involved with the multiple acquisitions completed by the Company, over a short period of time, and the subsequent audits have required thorough diligence, resulting in such delays. The Company is not aware of any specific accounting or audit concerns at this time. The Company is working diligently with its accounting staff and external auditors to file the Required Filings and expects to be able to file the Required Filings no later than May 9, 2022.
Until the Required Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release.
To learn more, join Eat Well Group’s mailing list for important updates.
About Eat Well Group
Eat Well Group is a publicly-traded investment company primarily focused on high-growth companies in the agribusiness, food tech, plant-based and ESG (environmental, social and governance) sectors. Eat Well Group’s management team has an extensive record of sourcing, financing and building successful companies across a broad range of industries and maintains a current investment mandate on the health/wellness industry. The team has financed and invested in early-stage venture companies for greater than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns.
Disclaimer for Forward-Looking Statements
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable Canadian and United States securities legislation (collectively “forward-looking statements”). Forward-looking information is often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “likely” and “intend” and statements that an event or result “may,” “will,” “should,” “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements include, but are not limited to, the expectations of management with respect to the anticipated filing of the Required Filings, the timing and duration of the management cease trade order and the uncertainty of the BCSC granting an MCTO. Such forward-looking statements should not be unduly relied upon. Forward-looking information is based on assumptions that may prove to be incorrect. The Company considers these assumptions to be reasonable in the circumstances. However, forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those expressed or implied in the forward-looking information. For more information on the Company, its investee companies and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
