LexaGene Announces Management Cease Trade Order
LexaGene Holdings, Inc. (OTCQB: LXXGF) has been granted a management cease trade order (MCTO) by the authorities due to delays in filing its annual financial statements for the year ending February 28, 2022. The MCTO restricts certain insiders from trading the company's securities until the required filings are submitted by August 29, 2022. The company is in the process of completing the audit necessary for these filings and expects to update stakeholders within five to six weeks. LexaGene assures compliance with alternative information guidelines during this period.
- The company is actively working on its annual financial filings and expects to file them by August 29, 2022.
- LexaGene confirms it will provide bi-weekly updates to keep stakeholders informed during the MCTO period.
- The issuance of an MCTO indicates potential issues within the company's financial reporting process.
- Trading restrictions imposed on insiders could lead to decreased investor confidence.
BEVERLY, Mass., June 30, 2022 (GLOBE NEWSWIRE) -- LexaGene Holdings, Inc., (OTCQB: LXXGF; TSX-V: LXG) (“LexaGene” or the “Company”) announces, further to its news release on June 28, 2022, the Company has been granted a management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) imposed against certain insiders of the Company, precluding them from trading securities of the Company. The MCTO will be in effect until the Company’s annual financial statements for the year ended February 28, 2022, its related management’s discussion and analysis and CEO and CFO certifications (collectively, the “Annual Canadian Financial Filings”) are filed on or before August 29, 2022.
The Company is working on the audit and related procedures required to complete the Annual Canadian Financial Filings, and expects to be able to file the Annual Canadian Financial Filings within the next five to six weeks. The Company will provide updates as further information relating to the Annual Canadian Financial Filings becomes available.
The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
Other than as disclosed herein, the Company is up to date in its filing obligations.
To learn more about LexaGene and the MiQLab System or subscribe to company updates, visit www.lexagene.com, or follow us on Twitter or LinkedIn.
For inquiries: 800.215.1824 | ir@lexagene.com or info@lexagene.com
On Behalf of the Board of Directors
Dr. Jack Regan
Chief Executive Officer & Chairman
Investors:
ir@lexagene.com
800.215.1824
About LexaGene Holdings Inc.
LexaGene is a molecular diagnostics company that develops molecular diagnostic systems for pathogen detection and genetic testing for other molecular markers for on-site rapid testing in veterinary diagnostics, food safety and for use in open-access markets such as clinical research, agricultural testing, and biodefense. End-users simply need to collect a sample, load it onto the instrument with a sample preparation cartridge, enter sample ID and press ‘go’. The MiQLab™ system delivers excellent sensitivity, specificity, and breadth of detection and can return results in approximately two hours. The unique open access feature is designed for custom testing so that end-users can load their own real-time PCR assays onto the instrument to target any genetic target of interest.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts, the success of technology development efforts, the cost to procure critical parts, performance of the instrument, market acceptance of the technology, regulatory acceptance, and licensing issues -- that could cause actual results to differ materially from the Company's expectations as disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
FAQ
What is the management cease trade order (MCTO) for LexaGene Holdings (LXXGF)?
When is LexaGene expected to file its annual financial statements?
How is LexaGene communicating updates regarding the MCTO?
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