Hapbee Applies for Management Cease Trade Order
Hapbee Technologies (OTCQB: HAPBF) has announced a delay in filing its required financial statements for the year ended December 31, 2024. The delay stems from issues with their former auditor, Olayinka Oyebola & Co., who was charged with aiding and abetting securities fraud by the SEC in September 2024.
The company's current auditor, Morton Garellek, has been unable to obtain necessary files from the former auditor, requiring additional audit procedures. While the original filing deadline was April 30, 2025, Hapbee now expects to complete the required filings by June 30, 2025.
In response, Hapbee has applied for a Management Cease Trade Order (MCTO) that would restrict trading by the company's CEO and CFO in company securities. The company commits to issuing bi-weekly default status reports and confirms no steps toward insolvency have been taken.
Hapbee Technologies (OTCQB: HAPBF) ha annunciato un ritardo nella presentazione dei bilanci richiesti per l’anno conclusosi il 31 dicembre 2024. Il ritardo è dovuto a problemi con il precedente revisore, Olayinka Oyebola & Co., accusato dalla SEC nel settembre 2024 di aver facilitato una frode sui titoli.
Il revisore attuale, Morton Garellek, non è riuscito a ottenere i file necessari dal revisore precedente, rendendo necessarie ulteriori procedure di revisione. Sebbene la scadenza originale fosse il 30 aprile 2025, Hapbee prevede ora di completare le presentazioni richieste entro il 30 giugno 2025.
In risposta, Hapbee ha richiesto un Management Cease Trade Order (MCTO) che limiterà le operazioni di trading del CEO e del CFO della società sui titoli aziendali. L’azienda si impegna a fornire rapporti sullo stato di default ogni due settimane e conferma che non sono state intraprese azioni verso l’insolvenza.
Hapbee Technologies (OTCQB: HAPBF) ha anunciado un retraso en la presentación de sus estados financieros requeridos para el año finalizado el 31 de diciembre de 2024. El retraso se debe a problemas con su auditor anterior, Olayinka Oyebola & Co., quien fue acusado por la SEC en septiembre de 2024 de facilitar un fraude de valores.
El auditor actual de la compañía, Morton Garellek, no ha podido obtener los archivos necesarios del auditor anterior, lo que requiere procedimientos adicionales de auditoría. Aunque la fecha límite original era el 30 de abril de 2025, Hapbee ahora espera completar las presentaciones requeridas antes del 30 de junio de 2025.
En respuesta, Hapbee ha solicitado una Orden de Suspensión de Comercio para la Dirección (MCTO) que restringiría las operaciones de trading del CEO y CFO de la empresa con valores de la compañía. La empresa se compromete a emitir informes quincenales sobre el estado de incumplimiento y confirma que no se han tomado medidas hacia la insolvencia.
Hapbee Technologies (OTCQB: HAPBF)는 2024년 12월 31일 종료된 회계연도에 대한 필수 재무제표 제출이 지연될 것이라고 발표했습니다. 지연 사유는 이전 감사인인 Olayinka Oyebola & Co.가 2024년 9월 SEC로부터 증권 사기 방조 혐의를 받은 데 있습니다.
현재 감사인인 Morton Garellek는 이전 감사인으로부터 필요한 자료를 받지 못해 추가 감사 절차가 필요합니다. 원래 제출 기한은 2025년 4월 30일이었으나, Hapbee는 이제 2025년 6월 30일까지 제출을 완료할 것으로 예상하고 있습니다.
이에 Hapbee는 CEO와 CFO의 회사 증권 거래를 제한하는 경영진 거래 중지 명령(MCTO)을 신청했으며, 2주마다 디폴트 상태 보고서를 발행할 것을 약속하고 파산 절차는 진행되지 않았음을 확인했습니다.
Hapbee Technologies (OTCQB : HAPBF) a annoncé un retard dans le dépôt de ses états financiers requis pour l’exercice clos au 31 décembre 2024. Ce retard est lié à des problèmes avec leur ancien auditeur, Olayinka Oyebola & Co., qui a été accusé par la SEC en septembre 2024 d’avoir facilité une fraude sur les valeurs mobilières.
L’auditeur actuel, Morton Garellek, n’a pas pu obtenir les dossiers nécessaires de l’ancien auditeur, ce qui nécessite des procédures d’audit supplémentaires. Alors que la date limite initiale était le 30 avril 2025, Hapbee prévoit désormais de finaliser les dépôts requis d’ici le 30 juin 2025.
En réponse, Hapbee a demandé une ordonnance de suspension des transactions pour la direction (MCTO) qui limiterait les opérations de trading du CEO et du CFO sur les titres de la société. L’entreprise s’engage à publier des rapports de situation bimensuels et confirme qu’aucune démarche vers l’insolvabilité n’a été engagée.
Hapbee Technologies (OTCQB: HAPBF) hat eine Verzögerung bei der Einreichung der erforderlichen Finanzberichte für das zum 31. Dezember 2024 endende Jahr bekanntgegeben. Die Verzögerung resultiert aus Problemen mit dem ehemaligen Wirtschaftsprüfer Olayinka Oyebola & Co., der im September 2024 von der SEC wegen Beihilfe zu Wertpapierbetrug angeklagt wurde.
Der derzeitige Prüfer, Morton Garellek, konnte die notwendigen Unterlagen vom vorherigen Prüfer nicht erhalten, was zusätzliche Prüfungsverfahren erforderlich macht. Während die ursprüngliche Einreichungsfrist der 30. April 2025 war, erwartet Hapbee nun, die erforderlichen Unterlagen bis zum 30. Juni 2025 fertigzustellen.
Als Reaktion darauf hat Hapbee eine Management Cease Trade Order (MCTO) beantragt, die den Handel des CEO und CFO mit Unternehmenswertpapieren einschränken würde. Das Unternehmen verpflichtet sich, zweiwöchentliche Berichte zum Status des Ausfalls zu veröffentlichen und bestätigt, dass keine Schritte zur Insolvenz eingeleitet wurden.
- Company maintains normal operations with no steps toward insolvency
- Commitment to bi-weekly status updates for transparency
- Delay in filing required 2024 financial statements
- Former auditor charged with securities fraud by SEC
- Current auditor unable to access previous audit documentation
- Management Cease Trade Order (MCTO) requested, restricting executive trading
VANCOUVER, British Columbia, April 18, 2025 (GLOBE NEWSWIRE) -- Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) (“Hapbee” or the “Company”), the digital wellness technology company, announces that it anticipates a delay in the filing of the financial statements required pursuant to Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations (the “Instrument”). The delay stems from the replacement of the Company’s last auditor, Olayinka Oyebola & Co., Chartered Accountants (the “Former Auditor”) in September of 2024. Shortly after the Company’s current auditor, Morton Garellek, Chartered Professional Accountant (the “Auditor”) was appointed, the Former Auditor was charged with aiding and abetting securities fraud by the Securities & Exchange Commission in the United States. Since that time, the Auditor has been unable to obtain files and documentation relating to the Company from the Former Auditor, which now require the Auditor to perform additional audit procedures in order to complete the Issuer’s audited consolidated financial statements. Both the Company and the Auditor continue to work diligently towards the completion and filing of the Company’s financial statements and MD&A.
The Instrument requires that the Company’s audited consolidated financial statements, MD&A, and Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) certifications (collectively, the “Required Filings”) relating to the audited consolidated financial statements for the year ended December 31, 2024, be filed by April 30, 2025. The Company expects that the Required Filings will be completed and filed on or before June 30, 2025.
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has made an application under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) to the British Columbia Securities Commission, as principal regulator for the Company, requesting that a management cease trade order (“MCTO”) be issued. If granted, the MCTO will restrict all trading by the Company’s CEO and CFO in securities of the Company, whether direct or indirect. The issuance of the MCTO will not affect the ability of persons who are not directors, officers or insiders of the Company to trade their securities. The MCTO will remain in effect until two business days after the Required Filings are filed or until it is revoked or varied.
The Company confirms that it intends to satisfy the provisions of the “alternative information guidelines” described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has not taken any steps towards any insolvency proceeding, and the Company has no material information relating to its affairs that has not been generally disclosed.
About Hapbee
Hapbee is a digital wellness technology company that aims to help people take control of how they sleep, perform, and feel. Hapbee’s digital wellness library of Blends and Routines utilizes patented ultra-low radio frequency energy (ulRFE®), designed to help optimize users' sleep, productivity, recovery, and downtime. Hapbee devices and subscriptions are available for purchase at Hapbee.com and through a growing network of select distributors. You can learn more about how Hapbee works at www.hapbee.com/science.
Forward-Looking Statements
Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties, and other factors. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company’s ability to meet its planned product marketing and development initiatives and the Company’s ability to achieve its e-commerce rollout and full-scale commercial launch as anticipated.
Factors that could cause the actual results to differ materially from those in the forward-looking statements include, delays in design, production, manufacturing, development or releases of signal blends, collection of data from customer use, or the Company may not be able to achieve its targets as anticipated or at all; changes in legislation and regulations; increase in operating costs; equipment failures; failure of counterparties to perform their contractual obligations; litigation; the loss of key directors, employees, advisors or consultants and fees charged by service providers. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. These risks, uncertainties and assumptions could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Media Contact: Jonathan Sheeri jon@hapbee.com T: 1 888-841-7086 www.hapbee.com
FAQ
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