GreenBank Annouces Delay in Filing Financial Statements
GreenBank Capital Inc. has announced a voluntary application for a management cease trade order (MCTO) from the Ontario Securities Commission due to a delay in filing its audited annual financial statements for the year ended July 31, 2021, originally due by November 29, 2021. The company anticipates completing these filings by January 31, 2022. An insider trading blackout has been imposed pending resolution. Currently, there are no insolvency proceedings against GreenBank, and the company is committed to issuing biweekly status reports during this period.
- The company anticipates completing its annual filings by January 31, 2022.
- No insolvency proceedings are against GreenBank, indicating financial stability.
- Management cease trade order (MCTO) application indicates a delay in regulatory compliance.
- Insider trading blackout could negatively impact investor confidence.
Expects to file its 2021 Annual Financial Statements on or before January 31, 2022
This news release is not for distribution or dissemination in the United States of America
TORONTO, ON / ACCESSWIRE / November 12, 2021 / GreenBank Capital Inc. (CSE:GBC)(OTC PINK:GRNBF)(FRA:2TL) ("GreenBank or the Company") announces today that the Company has made a voluntary application to the Ontario Securities Commission (the "OSC"), as principal regulator of the Company, for a management cease trade order ("MCTO") under NP 12-203 in respect of the anticipated default in the filing of its audited annual financial statements, accompanying management discussion and analysis and related CEO and CFO certifications for the year ended July 31, 2021 (the "Annual Filings") that is due to be filed by November 29, 2021. The granting of the MCTO is at the discretion of the OSC. The issuance of the MCTO, if granted, will prohibit trading in securities of the Company by certain insiders of the Company as directed by the OSC but will not affect the ability of other persons, who are not insiders of the Company, to trade in the Company's securities. In the event that the MCTO is granted, it will be in effect until the situation is remedied.
In addition, prior to approval of the MCTO by the OSC, GreenBank imposed a blackout for all insiders. This blackout will remain in effect until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted by the OSC. The Company is working expeditiously with its independent auditor to complete the filing of the Annual Filings. Currently, the Company anticipates being able to complete the Annual Filings on or before January 31, 2022. In the interim, the Company confirms that it will comply with the provisions of the alternative information guidelines set out in NP 12-203 for as long as it remains in default, including the issuance of biweekly status reports, each of which will be issued in the form of a news release (until and unless the Annual Filings are filed).
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About GreenBank
GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.
GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders.
For more information please see https://www.GreenBankCapitalinc.com or contact Mark Wettreich at (214) 202 4353 or by email Mark@GreenBankCapitalinc.com
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank's investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: GreenBank Capital Inc.
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https://www.accesswire.com/672707/GreenBank-Annouces-Delay-in-Filing-Financial-Statements
FAQ
What is the reason for GreenBank Capital's MCTO application?
When does GreenBank expect to file its annual financial statements?
What impact does the MCTO have on GreenBank's insiders?
Is GreenBank Capital currently facing any insolvency proceedings?
