Nepra Foods Announces Cease Trade Order
- Cease trade order issued by BCSC due to Nepra Foods' failure to file financial statements.
- Cease trade order prohibits trading of Nepra Foods' securities in Canada.
VANCOUVER, BC / ACCESSWIRE / October 10, 2023 / Nepra Foods Inc. (the "Company" or "Nepra") (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) announces that further to its news releases dated August 9, 2023, August 15, 2023, August 31, 2023 and September 19, 2023, the Company's principal regulator, the British Columbia Securities Commission (the "BCSC"), has issued a cease trade order (the "CTO") to the Company as a result of the Company's inability to file its annual audited financial statements for the year ended March 31, 2023, its interim financial report for the period ended June 30, 2023, the related management's discussion and analysis for the periods ended March 31, 2023 and June 30, 2023, and the required CEO and CFO certifications of annual and interim filings for the periods ended March 31, 2023 and June 30, 2023 (collectively, the "Required Filings") by the applicable filing deadlines.
The CTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's common shares made through the Canadian Securities Exchange, for as long as the CTO remains in effect. The CTO provides an exception for beneficial security holders of the Company who are not currently (and who were not as of October 6, 2023) insiders or control persons of the Company and who sell securities of the Company acquired before October 6, 2023, if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada, and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
The CTO will remain in place until such time as the Required Filings have been filed, following which the Company expects that the BCSC will revoke the CTO. The Company is continuing to make efforts to file the Required Filings as soon as possible. The Company will endeavor to issue regular news releases to keep the investing public apprised of the situation and the progress of its audit and filing efforts.
About Nepra Foods
Nepra Foods is grounded in a passion for food. We believe eating healthy should be easy. Everybody deserves food options that are truly nutritious and taste good. Food should be allergen-free so that everyone in the family can enjoy eating it together. Plant-based foods can offer high-quality nutrition and taste great while maintaining a low-carb profile. Nepra Foods is on a mission to make healthy, enjoyable food for everybody.
ON BEHALF OF THE BOARD OF DIRECTORS
Chadwick White, CEO & Director
investors@neprafoods.com
Investor Relations Toll-free (844) 566-1917
The CSE has neither approved nor disapproved the contents of this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this news release include, without limitation, statements related to the completion of the Consolidation. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE: Nepra Foods
View source version on accesswire.com:
https://www.accesswire.com/791414/nepra-foods-announces-cease-trade-order
FAQ
Why did Nepra Foods receive a cease trade order?
What does the cease trade order mean?
How long will the cease trade order be in effect?
What happens after the required filings are filed?
