Hybrid Announces Delayed Filing of Annual Financial Statements and MD&A and Management Cease Trade Order
Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) has announced a delay in filing its annual financial statements, MD&A, and related certifications for the year ended May 31, 2024. The company has received a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission, restricting trading by the CEO and CFO until the Annual Filings are submitted.
Hybrid expects to file the Annual Filings by October 31, 2024. The company is issuing bi-weekly default status reports to comply with alternative information guidelines. There have been no material changes since the initial announcement, and no additional defaults are anticipated. The MCTO does not affect public shareholders' ability to trade the company's securities.
Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) ha annunciato un ritardo nella presentazione dei propri bilanci annuali, del MD&A e delle relative certificazioni per l'anno terminato il 31 maggio 2024. L'azienda ha ricevuto un Ordine di Sospensione del Commercio da parte della Direzione dei Titoli della Columbia Britannica (MCTO), che limita le negoziazioni da parte del CEO e del CFO fino a quando non verranno presentate le Dichiarazioni Annuali.
Hybrid prevede di presentare le Dichiarazioni Annuali entro il 31 ottobre 2024. L'azienda emette rapporti di stato di inadempienza ogni due settimane per conformarsi alle linee guida alternative per le informazioni. Non ci sono stati cambiamenti materiali da quando è stata fatta l'annuncio iniziale e non si prevedono ulteriori inadempienze. L'MCTO non influisce sulla possibilità degli azionisti pubblici di negoziare i titoli della società.
Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) ha anunciado un retraso en la presentación de sus estados financieros anuales, MD&A y certificaciones relacionadas para el año que terminó el 31 de mayo de 2024. La compañía ha recibido una Orden de Suspensión de Comercio por parte de la Comisión de Valores de Columbia Británica (MCTO), que restringe las operaciones del CEO y del CFO hasta que se presenten las Declaraciones Anuales.
Hybrid espera presentar las Declaraciones Anuales antes del 31 de octubre de 2024. La compañía emitirá informes quincenales sobre el estado de incumplimiento para cumplir con las pautas de información alternativa. No ha habido cambios materiales desde el anuncio inicial y no se anticipan incumplimientos adicionales. El MCTO no afecta la capacidad de los accionistas públicos para negociar valores de la compañía.
하이브리드 파워 솔루션스 Inc. (CSE: HPSS) (OTCQB: HPSIF)는 2024년 5월 31일로 종료된 연간 재무제표, MD&A 및 관련 인증서 제출 지연을 발표했습니다. 이 회사는 CEO와 CFO의 거래를 제한하는 경영 거래 중지 명령(MCTO)를 브리티시컬럼비아 증권위원회로부터 받았습니다.
하이브리드는 2024년 10월 31일까지 연간 제출서를 제출할 것으로 예상하고 있습니다. 이 회사는 대체 정보 지침을 준수하기 위해 2주마다 기본 상태 보고서를 발행하고 있습니다. 초기 발표 이후로 중요한 변화는 없으며 추가적인 위반이 예상되지 않습니다. MCTO는 공개 주주의 회사 증권 거래 능력에 영향을 미치지 않습니다.
Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) a annoncé un retard dans le dépôt de ses états financiers annuels, du MD&A et des certifications connexes pour l'exercice clos le 31 mai 2024. L'entreprise a reçu un Ordre de Cessation de Négociation de Gestion (MCTO) de la Commission des valeurs mobilières de la Colombie-Britannique, interdisant le commerce par le PDG et le directeur financier jusqu'à ce que les dépôts annuels soient soumis.
Hybrid prévoit de soumettre les dépôts annuels d'ici le 31 octobre 2024. L'entreprise publie des rapports de statut de défaut toutes les deux semaines pour se conformer aux directives d'information alternatives. Il n'y a eu aucun changement matériel depuis l'annonce initiale et aucun défaut supplémentaire n'est anticipé. Le MCTO n'affecte pas la capacité des actionnaires publics à négocier les titres de la société.
Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) hat eine Verzögerung bei der Einreichung seiner Jahresfinanzberichte, MD&A und verwandten Zertifizierungen für das am 31. Mai 2024 endende Geschäftsjahr angekündigt. Das Unternehmen hat von der Wertpapierkommission von British Columbia eine Management Cease Trade Order (MCTO) erhalten, die den CEO und CFO bis zur Einreichung der Jahresberichte am Handel hindert.
Hybrid plant, die Jahresberichte bis zum 31. Oktober 2024 einzureichen. Das Unternehmen gibt alle zwei Wochen Berichte über den Status der Verstöße heraus, um den Richtlinien für alternative Informationen nachzukommen. Seit der ursprünglichen Ankündigung gab es keine wesentlichen Änderungen, und es werden keine weiteren Verstöße erwartet. Die MCTO hat keinen Einfluss auf die Fähigkeit der öffentlichen Aktionäre, die Wertpapiere des Unternehmens zu handeln.
- None.
- Delayed filing of annual financial statements and MD&A
- Management Cease Trade Order (MCTO) issued, restricting trading by CEO and CFO
- Potential impact on investor confidence due to delayed financial reporting
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2024) - Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) (FSE: E092) ("Hybrid" or the "Company") is providing a bi-weekly default status report (the "Default Status Report") in accordance with National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
On September 16, 2024, the Company issued a press release (the "Default Announcement") and announced that, for the reasons disclosed in the Default Announcement, the filing of its annual financial statements, accompanying management's discussion and analysis and related chief executive officer and chief financial officer certifications for the year-ended May 31, 2024 (the "Annual Filings") would not be completed by the prescribed filing deadline.
The Company also announced in the Default Announcement that it had made an application to the British Columbia Securities Commission ("BCSC"), as principal regulator, for a management cease trade order ("MCTO") in regard to the Annual Filings and the Company has now received the MCTO. The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer of the Company until such time as the Annual Filings have been filed by the Company. The MCTO does not affect the ability of shareholders, including the public, who are not Insiders of the Company to trade in the securities of the Company.
The Company's board of directors and its management confirms that they are working expeditiously to meet the Company's filing obligations and expect to file the Annual Filings on or before October 31, 2024.
As required by the alternative information guidelines specified by NP 12-203, the Company reports that since the Default Announcement and any subsequent press release disclosure there have not been any changes to the information set out in the Default Announcement that would reasonably be expected to be material to an investor nor any failure by the Company to fulfill its intentions as stated therein with respect to satisfying the provisions of the alternative information guidelines, and there are no additional defaults or anticipated defaults subsequent to the disclosure therein, other than the delay in filing the Annual Filings. Further, there is no additional material information concerning the affairs of the Company that has not been generally disclosed and there are no insolvency proceedings against the Company as of the date hereof.
Until the Annual Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default status reports in the form of press releases, which will also be filed on SEDAR+. To the extent applicable, the Company is scheduled to file its next default status report in two weeks from the date hereof.
For further information, inquiries, or media opportunities, please contact on behalf of the Company:
Francois Byrne
CEO and Director
Email: invest@hybridps.ca
Phone: 1 (866) 549-2743
Website www.investhps.com
About Hybrid Power Solutions Inc.
Hybrid Power Solutions Inc. is a Canadian clean energy innovator listed on the Canadian Securities Exchange under the symbol "HPSS". The company specializes in developing sustainable energy solutions that redefine power access and storage across industries. With a focus on innovation and environmental responsibility, Hybrid continues to lead the charge in providing scalable, cost-effective power solutions for a greener future.
Forward-Looking Statements
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "expects", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225536
FAQ
Why has Hybrid Power Solutions (HPSIF) delayed filing its annual financial statements?
What is the impact of the Management Cease Trade Order (MCTO) on Hybrid Power Solutions (HPSIF)?
When does Hybrid Power Solutions (HPSIF) expect to file its delayed annual financial statements?
How is Hybrid Power Solutions (HPSIF) keeping investors informed during the filing delay?
