Planting Hope (MYLK) Announces Receipt of Management Cease Trade Order (MTCO)

Rhea-AI Summary

The Planting Hope Company Inc. (TSXV:MYLK)(OTCQB:MYLKF)(FRA:J94) has received a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission due to a delay in filing its audited annual financial statements for 2023. The MCTO prohibits the CEO and CFO from trading in the company's securities until the filings are complete. Shareholders not considered insiders are unaffected and can continue trading. The company will issue updates until the filings are completed.

CHICAGO, IL and VANCOUVER, BC / ACCESSWIRE / May 2, 2024 / The Planting Hope Company Inc. (TSXV:MYLK)(OTCQB:MYLKF)(FRA:J94) ("Planting Hope " or the "Company") is pleased to announce that, further to its news release dated April 26, 2024, the British Columbia Securities Commission, as principal regulator, has granted the Company a management cease trade order ("MCTO") in respect of its delay in filing its audited annual financial statements, management's discussion and analysis, and related certifications, all for the year ended December 31, 2023 (collectively, the "Annual Filings").

The MCTO prohibits the Chief Executive Officer and Chief Financial Officer of the Company from trading in the securities of the Company for so long as the Annual filings are not filed. During this period, the Company has also undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company.

The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company.

The Company will issue a news release announcing completion of filing of the Annual Filings at such time as they are completed and filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), including issuing bi- weekly default status reports by way of news releases, which will be filed on SEDAR+.

About The Planting Hope Company Inc.

Planting Hope is reimagining and reinventing food today so that our planet can feed 10 billion people tomorrow. A Foodtech-driven company at the forefront of sustainable consumer food and beverage evolution, Planting Hope transforms nutrient-dense, widely cultivated crops into innovative, nutrient-rich products that reimagine pantry staples in the largest, fastest growing global food categories.

Our award-winning breakthrough brands, including Hope and Sesame® Sesamemilk, RightRice® High-Protein Veggie Rice, and Mozaics™ Real Veggie Chips, are not only disrupting global markets but also significantly reducing environmental footprints. Available across the US and Canada in grocery retailers (Whole Foods Market, Sprouts Farmers Markets), through foodservice operators (CAVA Mediterranean restaurants - NYSE: CAVA), and e- commerce and alternative retail channels (Amazon, QVC), our products blend culinary innovation with advanced technology, offering breakthrough products with wide moats. Our products are poised to disrupt global food and beverage categories, make a positive impact on the world, and provide investors with valuable opportunities in the growing sustainable food market.

This is the food that Gen Z is demanding and that Gen Alpha will grow up with: this is the future of food.

Explore mor eat plantinghopecompany.com, sign up for Planting Hope news emails HERE and follow us on LinkedIn.

For Planting Hope product sales and distribution opportunities, please contact James Curley, EVP of Sales, at james@plantinghopecompany.com.

Contacts

Company Contact:
Julia Stamberger
CEO and Co-Founder
(773) 492-2243
julia@plantinghopecompany.com

Media Contact:
Corinn Williams
(773) 492-2243
Corinn@plantinghopecompany.com

Forward-Looking Statements

Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, the ability of the Company to complete the filing of the Annual Filings, the timing of completion of the Annual Filings, the Company remaining in compliance with the terms and conditions of the MCTO, business and general economic and capital market conditions.

Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, the ability to achieve goals, staffing availability to complete the Annual Filings and the timing of filing of the Company's Annual Filings, and the Company's compliance with the MCTO and NP 12-203. Factors that could cause the actual results to differ materially from those in forward-looking statements include the competition and general economic, availability of staffing to complete the requisite Annual Filings, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. 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.

Neither the 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.

SOURCE: The Planting Hope Company Inc.

View the original press release on accesswire.com

FAQ

Why did Planting Hope (MYLK) receive a Management Cease Trade Order (MCTO)?

Planting Hope received the MCTO due to a delay in filing its audited annual financial statements for 2023.

What does the MCTO mean for the Chief Executive Officer and Chief Financial Officer of Planting Hope (MYLK)?

The MCTO prohibits the CEO and CFO from trading in the company's securities until the annual filings are complete.

How does the MCTO affect shareholders who are not insiders of Planting Hope (MYLK)?

Shareholders who are not considered insiders are not affected by the MCTO and can continue trading their securities.

What guidelines will Planting Hope (MYLK) follow during the period of the MCTO?

The company will comply with the alternative information guidelines under National Policy 12-203 and will issue bi-weekly default status reports until the annual filings are completed.