Eat Well Group Inc. Granted MCTO

Rhea-AI Summary

Eat Well Investment Group Inc. (CSE: EWG, US: EWGFF) announced that the British Columbia Securities Commission has granted a management cease trade order (MCTO) in response to delays in submitting its audited annual financial statements for the year ended November 30, 2021. The MCTO restricts trading by the CEO and CFO until the required filings, due on March 30, 2022, are completed. The company is working diligently to meet these requirements and anticipates filing by May 9, 2022. Other shareholders remain unaffected in their trading activities.

Positive

• The company is actively working to meet the filing requirements, indicating a commitment to compliance.
• No specific accounting or audit concerns have been reported, which might reassure investors.

Negative

• Delays in filing audited financial statements may raise concerns about the company's financial health and transparency.
• The imposition of a management cease trade order can negatively impact investor confidence.

VANCOUVER, British Columbia--(BUSINESS WIRE)-- Eat Well Investment Group Inc. (CSE: EWG) (US:EWGFF) (FSE: 6BC0) (“Eat Well” or the “Company”) announces that its principal regulator, the British Columbia Securities Commission, has accepted the Company’s application for, and has granted, a management cease trade order (the “MCTO”). As previously announced on March 25, 2022, the Company applied for the MCTO due to an expected delay in 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”) which were due on March 30, 2022.

The MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

The Company and its auditors continue to work diligently toward completing the Required Filings as soon as possible. The Company is not aware of any specific accounting or audit concerns at this time. The Company expects that it will be in a position 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. The Company confirms that there is no material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.

To learn more, join Eat Well’s mailing list for important updates.

About Eat Well

Eat Well 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’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 and 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 are 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 and the duration of the 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220331006039/en/

Eat Well Investment Group Inc.

Marc Aneed, CEO

ir@eatwellgroup.com

www.eatwellgroup.com

Source: Eat Well Investment Group Inc.

FAQ

What is the management cease trade order for EWGFF?

The management cease trade order restricts the CEO and CFO of Eat Well Investment Group from trading securities until the company files its required audited financial statements.

When are the required filings due for Eat Well Investment Group?

The required filings for the audited annual financial statements are expected to be filed no later than May 9, 2022.

What triggers a management cease trade order for EWGFF?

A management cease trade order is triggered by delays in filing necessary financial statements with regulators.

How does the MCTO affect shareholders of EWGFF?

The MCTO does not affect the ability of other shareholders to trade in the company's securities.

What is Eat Well Investment Group focused on?

Eat Well Investment Group primarily focuses on high-growth companies in agribusiness, food tech, and the health and wellness industries.