Novamind Announces Cease Trade Order and Delay in Filing Annual Financial Statements

Rhea-AI Summary

Novamind (CSE:NM)(OTCQB:NVMDF) announced a cease trade order from the Ontario Securities Commission on November 3, 2021, due to a failure to file key financial documents by the October 28, 2021 deadline. The required filings include audited annual financial statements for the year ended June 30, 2021, and related management analysis. The company cited the auditor's need for additional time for the audit as the cause of the delay. If the filings are completed within 90 days, the cease trade order may be revoked, allowing trading to resume on the Canadian Securities Exchange.

Positive

• The company plans to file the required documents on November 4, 2021, which is within the 90-day period to potentially revoke the cease trade order.

Negative

• The issuance of a cease trade order indicates significant regulatory compliance issues.
• Failure to file annual financial statements on time could negatively impact investor confidence.

TORONTO, ON / ACCESSWIRE / November 4, 2021 / Novamind Inc. (CSE:NM)(OTCQB:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, today announced that it is the subject of a failure-to-file cease trade order issued by the Ontario Securities Commission on November 3, 2021 as a result of the Company's failure to timely file the following continuous disclosure documents (collectively, the "Required Filings") by October 28, 2021 (the "Filing Deadline"):

1. audited annual financial statements for the year ended June 30, 2021;
2. management's discussion and analysis relating to the audited financial statements for the year ended June 30, 2021; and
3. certification of the foregoing filings as required by National instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.

The delay in the filing of the Required Filings was due to the Company's auditor requiring more time to complete its audit procedures related to the Company's annual financial statements for the year ended June 30, 2021.As a result of the cease trade order, the Company's common shares are expected to be suspended from trading on the Canadian Securities Exchange ("CSE").

If the Company files the Required Filings within 90 days of the date of the cease trade order, the filing of the Required Filings constitutes the Company's application to revoke the cease trade order. If the cease trade order is revoked, the Company expects trading of the Company's common shares on the CSE to resume.

The Company expects to file the Required Filings today, November 4, 2021.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

Contact Information
Novamind
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Samantha DeLenardo, VP, Communications
Email: media@novamind.ca

Bill Mitoulas, Investor Relations
Email: bill@novamind.ca

Forward-Looking Statements

This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

SOURCE: Novamind Ventures Inc.

View source version on accesswire.com:
https://www.accesswire.com/671136/Novamind-Announces-Cease-Trade-Order-and-Delay-in-Filing-Annual-Financial-Statements

FAQ

What caused Novamind to receive a cease trade order?

Novamind received a cease trade order due to its failure to file required financial documents by the deadline of October 28, 2021.

What specific documents did Novamind fail to file?

Novamind failed to file its audited annual financial statements, management's discussion and analysis, and certification of these filings.

When does Novamind expect to file the required documents?

Novamind expects to file the required documents on November 4, 2021.

What happens if Novamind files the required documents in time?

If filed within 90 days, the submission will serve as an application to revoke the cease trade order, potentially allowing trading to resume.