Glow Announces Cease Trade Order
Glow LifeTech Corp. announces a cease trade order by the Ontario Securities Commission due to the company's failure to file its audited consolidated financial statements for the year ended December 31, 2023. Despite the order, certain holders may sell securities through specific regulated markets and investment dealers. The company expects no interruption in operations during the order, with revocation anticipated after filing the required documents.
- None.
The cease trade order issued could affect investor confidence and stock price in the short term.
The failure to file financial statements on time may indicate internal management issues within the company.
Toronto, Ontario--(Newsfile Corp. - May 8, 2024) - Glow LifeTech Corp. (CSE: GLOW) (OTCQB: GLWLF) ("Glow" or the "Company") announces that, further to its press release of April 18, 2024, the Ontario Securities Commission (the "OSC") has issued a failure to file cease trade order against the Company in respect of the Company's securities under Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (the "CTO").
The CTO was issued as a result of the Company's failure to file its audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Filings") before the April 29, 2024 filing deadline.
Despite the CTO, a beneficial holder of a security of the Company who is not, and was not as of the date of the CTO, an insider or control person of the Company may sell securities of the Company acquired before the date of the CTO if: (a) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada; and (b) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. Holders of the Company's securities are urged to consult with their own investment advisors or legal counsel about the implications of the CTO.
The Company does not expect an interruption of the operations of the Company during the CTO. Revocation of the CTO is expected to occur within a few days after the Annual Filings are made.
Until the Company has filed the Annual Filings, members of the Company's management and other insiders are subject to an insider trading black-out. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company's latest interim financial report.
SUBSCRIBE: For more information on Glow or to subscribe to the Company's mail list visit: https://www.glowlifetech.com/news
About Glow LifeTech Corp.
Glow LifeTech is a Canadian-based biotechnology company focused on producing nutraceutical and cannabinoid-based products with dramatically enhanced bioavailability, absorption and effectiveness. Glow has rights to the groundbreaking, plant-based MyCell Technology® delivery system, which transforms poorly absorbed natural compounds into enhanced water-compatible concentrates that unlock the full healing potential of the valuable compounds.
Website: www.glowlifetech.com
Contact:
James Van Staveren
Glow LifeTech Corp.
TF. 855-442-GLOW (4569)
ir@glowlifetech.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates 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 anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedarplus.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208383
FAQ
Why did Glow LifeTech Corp. receive a cease trade order?
Glow LifeTech Corp. received a cease trade order due to its failure to file its audited financial statements for the year ended December 31, 2023.
Can holders still sell securities during the cease trade order?
Beneficial holders who are not insiders or control persons of the company may sell securities through specific regulated markets and investment dealers.
What should holders do during the cease trade order?
Holders are urged to consult with their investment advisors or legal counsel regarding the implications of the cease trade order.
When is the revocation of the cease trade order expected?
The revocation of the cease trade order is expected to occur within a few days after the required annual filings are made.
