Ketamine One Announces Late Filing of Annual Financial Statements and Management Cease Trade Order
KetamineOne Capital Limited (KONEF) announced delays in its annual financial filings due to complexities arising from subsidiary integration and COVID-19 related challenges. A management cease trade order has been granted by the British Columbia Securities Commission, restricting trading by key executives. The Company expects to finalize and submit its annual reports by November 29, 2021. During this period, general public trading can continue, but management is prohibited from trading the company’s shares. KetamineOne aims to consolidate medical clinics and enhance mental health treatments across North America.
- KetamineOne is focused on consolidating medical clinics to enhance mental health treatments.
- The Company integrates KGK Science Inc. for premium clinical research in pharmaceuticals and emerging therapies.
- Delays in annual financial filings due to the complexity of acquisition transactions and COVID-19.
- Management cease trade order restricts trading by the Interim CEO and CFO.
VANCOUVER, British Columbia, Nov. 01, 2021 (GLOBE NEWSWIRE) -- KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (Frankfurt: 6FC), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, announces today that, as a result of delays to its audit, the Company’s annual financial statements, annual information form and accompanying management's discussion and analysis for the fiscal year ended July 31, 2021 (the “Annual Filings”) were not finalized by October 29, 2021, being the date that such filings are due under applicable Canadian securities law requirements. The Company has applied for, and has been granted, a management cease trade order (the "MCTO") by the British Columbia Securities Commission.
The reason for the anticipated default is due to the integration of a subsidiary acquired during the fiscal year, the complexity of the acquisition transactions and various delays caused by the COVID-19 pandemic that have resulted in the Company not having adequate time and resources available to complete the audit on time. The Company is working with its auditor, Macias Gini & O'Connell LLP, to complete the audit in a timely manner. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Interim Chief Executive Office and Chief Financial Officer will not be able to trade in the Company's common shares.
The Company currently expects to file the Annual Filings on or before November 29, 2021 and will issue a news release announcing the completion of the filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.
ABOUT KETAMINE ONE
KetamineOne Capital Limited is a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments. It is working to provide the critical infrastructure needed to develop and deliver breakthrough mental health treatments. Currently, Ketamine One has a network of clinics across North America, with plans to further consolidate the highly fragmented industry. The recent addition of KGK Science Inc. as the Company’s contract research division also places the company at the forefront of premium clinical research based on its extensive experience in pharmaceuticals, cannabis, and the emerging psychedelic medicine industries. As a collective enterprise, Ketamine One is dedicated to helping solve the growing need for safe and accessible mental health therapy.
On behalf of:
KETAMINE ONE
"Adam Deffett"
Adam Deffett, Interim CEO
For further information, please contact:
Nick Kuzyk, Investor Relations
Tel: 1-844-PHONE-K1 (1-844-746-6351)
Email: IR@ketamine.one
Web: www.ketamine.one
Twitter: @KetamineOne
Notice Regarding Forward-Looking Information:
This news release contains forward-looking statements including but not limited to statements regarding the Company’s business, assets or investments, as well as other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
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