Management Cease Trade Order Status Report
MYND Life Sciences Inc. (CSE: MYND) has received a management cease trade order (MCTO) on March 3, 2025, affecting trading by company insiders. The order comes after external auditors indicated they couldn't complete the annual consolidated financial statements for the year ended October 31, 2024, by the February 28, 2025 deadline.
The delay is attributed to significant restructuring of the Company's debt and equity. MYND expects to file the required 2024 Annual Filings, including financial statements, MD&A, CEO/CFO certifications, and Annual Information Form by April 29, 2025. The company has been placed on the defaulting issuers list of the British Columbia Securities Commission.
The MCTO specifically restricts trading by the CEO and CFO but does not affect other shareholders' ability to trade their securities. Management continues to work on completing the required filings.
MYND Life Sciences Inc. (CSE: MYND) ha ricevuto un'ordinanza di cessazione del commercio da parte della direzione (MCTO) il 3 marzo 2025, che influisce sulle negoziazioni da parte degli insider dell'azienda. L'ordinanza è stata emessa dopo che i revisori esterni hanno indicato di non poter completare i bilanci finanziari consolidati annuali per l'anno chiuso il 31 ottobre 2024, entro la scadenza del 28 febbraio 2025.
Il ritardo è attribuito a un significativo riassetto del debito e del capitale sociale dell'azienda. MYND si aspetta di presentare le necessarie dichiarazioni annuali per il 2024, inclusi i bilanci, MD&A, certificazioni del CEO/CFO e il modulo informativo annuale entro il 29 aprile 2025. L'azienda è stata inserita nella lista degli emittenti in default della British Columbia Securities Commission.
Il MCTO limita specificamente le negoziazioni da parte del CEO e del CFO, ma non influisce sulla capacità degli altri azionisti di negoziare i loro titoli. La direzione continua a lavorare per completare le dichiarazioni richieste.
MYND Life Sciences Inc. (CSE: MYND) ha recibido una orden de cese de comercio por parte de la administración (MCTO) el 3 de marzo de 2025, que afecta el comercio por parte de los insiders de la empresa. La orden se emite después de que los auditores externos indicaran que no podían completar los estados financieros consolidados anuales para el año que terminó el 31 de octubre de 2024, antes de la fecha límite del 28 de febrero de 2025.
El retraso se atribuye a una reestructuración significativa de la deuda y el capital de la empresa. MYND espera presentar las declaraciones anuales requeridas para 2024, incluidos los estados financieros, MD&A, certificaciones del CEO/CFO y el formulario de información anual antes del 29 de abril de 2025. La empresa ha sido incluida en la lista de emisores en default de la Comisión de Valores de Columbia Británica.
El MCTO restringe específicamente el comercio por parte del CEO y del CFO, pero no afecta la capacidad de otros accionistas para negociar sus valores. La administración continúa trabajando en la finalización de las declaraciones requeridas.
MYND Life Sciences Inc. (CSE: MYND)는 2025년 3월 3일 경영 중지 거래 명령(MCTO)을 받아 회사 내부자의 거래에 영향을 미칩니다. 이 명령은 외부 감사인이 2024년 10월 31일로 종료된 연도의 연간 통합 재무 제표를 2025년 2월 28일 마감일까지 완료할 수 없다고 밝힌 후 내려졌습니다.
지연은 회사의 부채 및 자본 구조 조정으로 인한 것입니다. MYND는 2024년 연간 보고서, 재무 제표, MD&A, CEO/CFO 인증 및 연간 정보 양식을 2025년 4월 29일까지 제출할 것으로 예상하고 있습니다. 이 회사는 브리티시컬럼비아 증권위원회의 디폴트 발행자 목록에 올랐습니다.
MCTO는 CEO와 CFO의 거래를 특정적으로 제한하지만 다른 주주들이 자신의 증권을 거래하는 능력에는 영향을 미치지 않습니다. 경영진은 필요한 제출물을 완료하기 위해 계속 노력하고 있습니다.
MYND Life Sciences Inc. (CSE: MYND) a reçu un ordre de cessation de négociation de la direction (MCTO) le 3 mars 2025, affectant le commerce par les initiés de l'entreprise. L'ordre a été émis après que des auditeurs externes ont indiqué qu'ils ne pouvaient pas compléter les états financiers consolidés annuels pour l'exercice clos le 31 octobre 2024, avant la date limite du 28 février 2025.
Le retard est attribué à une restructuration significative de la dette et des capitaux de l'entreprise. MYND s'attend à soumettre les déclarations annuelles requises pour 2024, y compris les états financiers, MD&A, certifications du CEO/CFO et le formulaire d'information annuel d'ici le 29 avril 2025. L'entreprise a été placée sur la liste des émetteurs en défaut de la British Columbia Securities Commission.
Le MCTO limite spécifiquement le commerce par le CEO et le CFO, mais n'affecte pas la capacité des autres actionnaires à négocier leurs titres. La direction continue de travailler à l'achèvement des déclarations requises.
MYND Life Sciences Inc. (CSE: MYND) hat am 3. März 2025 eine Management-Handelsstoppverfügung (MCTO) erhalten, die den Handel durch Unternehmensinsider betrifft. Die Verfügung wurde erlassen, nachdem externe Prüfer angaben, dass sie die Jahresabschlussunterlagen für das am 31. Oktober 2024 endende Jahr bis zur Frist am 28. Februar 2025 nicht abschließen konnten.
Die Verzögerung wird auf eine signifikante Umstrukturierung der Unternehmensschulden und -kapital zurückgeführt. MYND erwartet, die erforderlichen Jahresunterlagen für 2024, einschließlich der Finanzberichte, MD&A, CEO/CFO-Zertifizierungen und des Jahresinformationsformulars bis zum 29. April 2025 einzureichen. Das Unternehmen wurde auf die Liste der in Verzug geratenen Emittenten der British Columbia Securities Commission gesetzt.
Die MCTO beschränkt speziell den Handel durch den CEO und CFO, hat jedoch keine Auswirkungen auf die Fähigkeit anderer Aktionäre, ihre Wertpapiere zu handeln. Das Management arbeitet weiterhin daran, die erforderlichen Einreichungen abzuschließen.
- None.
- Company failed to meet regulatory filing deadline for 2024 annual financial statements
- Placed on defaulting issuers list by British Columbia Securities Commission
- Significant debt and equity restructuring causing delays in financial reporting
- Management cease trade order imposed restricting insider trading
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2025) - MYND Life Sciences Inc. (CSE: MYND) ("MYND" or the "Company") announced on March 3, 2025, the Company was granted a management cease trade order (MCTO) under the National Policy 12-203 of the Canadian Securities Administrators ("NP 12-203") imposed against certain insiders of the Company. The MCTO was granted as the Company had been advised by its external auditors (the "Auditors") that they will not be in a position to complete their work on the Company's annual consolidated financial statements for the year ended October 31, 2024 (the "2024 Financial Statements") prior to the filing deadline of February 28, 2025 (the "Annual Filing Deadline"), due to a delay in finalizing the required financial documents due to significant restructuring of the Company's debt and equity. As a result, the Company will not be able to file the 2024 Financial Statements, accompanying Management Discussion & Analysis and CEO and CFO certifications, and the Annual Information Form (collectively, the "2024 Annual Filings") prior to the Annual Filing Deadline as required under applicable Canadian securities laws. The Company has made arrangements to complete and file the 2024 Financial Statements prior to the April 29, 2025 deadline. Accordingly, subsequent to the Annual Filing Deadline, the Company will be in default of its continuous disclosure obligations under applicable Canadian securities laws and placed on the defaulting issuers list of the British Columbia Securities Commission ("BCSC").
In accordance with the alternative information guidelines set out in National Policy 12-203- Management Cease Trade Orders ("NP 12-203") MYND is giving the following update:
On March 1, 2025, the Company announced that it applied for a management cease trade order ("MCTO") with the applicable securities regulatory authorities in Canada on the basis that the Company would be unable to file its Annual Audited Financial Statement, the Required Filing, for the year ended October 31, 2024 by the applicable filing deadlines. The MCTO was issued on March 1, 2025 and restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The MCTO does not affect the ability of other shareholders of the Company to trade their securities.
The Company's management continues to work diligently to complete the Required Filing and anticipates that the Required Filing will be filed by April 29, 2025.
The Company confirms that since the date of the Original Announcement: (i) other than as described above, there has been no material change to the information set out in the Original Announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will make further announcements with respect to the status of the 2024 Annual Filings as and when appropriate.
ABOUT MYND LIFE SCIENCES INC.
MYND Life Sciences Inc. is a medical biotech drug research and development company focused on neuro-pharmaceutical and novel psilocybin drug development, and diagnostics. MYND is developing new biological entities (NBEs) and new chemical entities (NCEs) and differentiates itself from other (bio)pharmaceutical companies by unique molecular concepts for the applications of Psilocybins for overcoming disease. The Company advances pharmaceutical developments through rigorous science and clinical trials while diligently patenting and safeguarding its intellectual property.
Contact:
Dr. Lyle Oberg, MD, Executive Chair
Email: ir@myndsciences.com
Web: www.myndsciences.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245937
FAQ
When will MYND (MYNDF) file its delayed 2024 annual financial statements?
Why did MYND (MYNDF) receive a management cease trade order in March 2025?
Who is affected by MYND's (MYNDF) management cease trade order?
What are the consequences of MYND (MYNDF) missing its annual filing deadline?
