Ketamine One Provides Second Update on Management Cease Trade Order
KetamineOne Capital Limited (KONEF) provided an update regarding a management cease trade order (MCTO) granted on November 1, 2021, by the British Columbia Securities Commission. The order follows a delay in the filing of the company's financial statements for the fiscal year ending July 31, 2021. KetamineOne plans to file the required documents by December 10, 2021, and will continue to issue bi-weekly reports until compliance is achieved. The general public can still trade the company's shares, although its CEO and CFO are prohibited from trading during the MCTO.
- Anticipated completion of annual filings by December 10, 2021.
- Continued trading available for general investors despite the MCTO.
- Delay in filing financial statements raises concerns about regulatory compliance.
VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- KetamineOne Capital Limited (“Ketamine One” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: 6FC), a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is providing this update on the status of a management cease trade order (the "MCTO") granted on November 1, 2021 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order ("NP 12-203").
On November 1, 2021, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements, annual information form and accompanying management’s discussion and analysis for the fiscal year ended July 31, 2021 (the "Annual Filings") beyond the period prescribed under applicable Canadian securities laws (the "Default Announcement"). The Company reports that it anticipates filing the Annual Filings on or about December 10, 2021 and will provide further updates on timing as necessary.
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 chief executive officer and chief financial officer will not be able to trade in the Company's shares. Other than as disclosed in this news release, there are no material changes to the information contained in the Default Announcement. The Company confirms that it intends to satisfy the provisions of NP 12-203 and will continue to issue bi-weekly default status reports for so long as it remains in default of the Annual Filings requirement.
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.
FAQ
What is the status of KetamineOne Capital Limited's MCTO as of November 2021?
When does KetamineOne expect to file its annual financial statements?
Who cannot trade KetamineOne shares during the MCTO?
What is the impact of the MCTO on KetamineOne's shareholders?
What does KetamineOne focus on as a company?
