Peak Fintech Withdraws Form 40-F While it Works to Comply with New SEC Disclosure Guidance

Rhea-AI Summary

On September 28, 2021, Peak Fintech Group Inc. (CSE: PKK, NASDAQ: TNT) announced its voluntary withdrawal of Form 40-F filed with the SEC. This decision was made to comply with the SEC's recent guidance for companies operating in China. Consequently, without an effective Form 40-F, Peak's common shares will be delisted from NASDAQ on September 30, 2021. The company is cooperating with the SEC and plans to submit an amended Form 40-F to ensure compliance and restore its NASDAQ listing as soon as possible.

Positive

• Peak is working on submitting an amended Form 40-F to comply with SEC guidance.
• The company plans to expedite the submission process to resume NASDAQ listing.

Negative

• Withdrawal of Form 40-F puts the NASDAQ listing at risk.
• Shares will be delisted from NASDAQ on September 30, 2021.

MONTREAL, Sept. 28, 2021 /PRNewswire/ - Peak Fintech Group Inc. (CSE: PKK) (NASDAQ: TNT) ("Peak" or the "Company"), an innovative Fintech service provider and manager of the Cubeler Business Hub, today announced that it has voluntarily withdrawn its Form 40-F (registration statement) filed with the U.S. Securities and Exchange Commission (the "SEC") while it works to comply with recent disclosure guidance provided by the SEC for companies either based in China or with the majority of their operations in China (the "Guidance").

Without an effective Form 40-F filed with the SEC to register the Company's common shares under Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), the Company's common shares will no longer be listed on the Nasdaq Capital Market (the "NASDAQ") as of immediately prior to market open on Thursday September 30, 2021.

Peak's application to list on the NASDAQ was made under the Multijurisdictional Disclosure System (the "MJDS"), which was jointly adopted by the SEC and the Canadian Securities Administrators. The MJDS is intended  to make it easier for companies on both sides of the border to list their respective securities  on exchanges in both countries. The SEC notes that the MJDS allows eligible Canadian companies to register their securities and fulfill their periodic reporting requirements by use of documents prepared in accordance with Canadian requirements and reviewed by Canadian Securities Administrators. The Company has been cooperating with the SEC and plans to submit an amended Form 40-F that highlights the concerns referenced in the Guidance as soon as practicable.

Peak will keep the NASDAQ informed of its progress with the amended Form 40-F, which Peak hopes will lead to having a revised Form 40-F be declared effective by the SEC on an expedited basis so that the Company's common shares will be listed on the NASDAQ as soon as possible.

About Peak Fintech Group Inc.:

Peak Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) subsidiaries operating primarily in the commercial lending industry. Peak's subsidiaries bring together lending financial institutions and businesses to create the Cubeler Business Hub, an ecosystem where analytics and artificial intelligence are used to facilitate transactions among members of the ecosystem. For more information: http://www.peakfintechgroup.com

For more information, please contact:
CHF Capital Markets	MZ Group – MZ North America	Peak Fintech Group
Cathy Hume, CEO	Mark Schwalenberg, CFA	Barry Ellison, Director of Marketing and Communications
416-868-1079 ext.: 251	1-312-261-6430	514-340-7775 ext.: 521
cathy@chfir.com	PEAK@mzgroup.us	bellison@peakfintechgroup.com

Follow Peak Fintech Group Inc. on social media:

Twitter: @peakfintech
Facebook: @peakfintech
LinkedIn: Peak Fintech 
YouTube: Peak Fintech

Forward-Looking Statements / Information:
This news release may include certain forward-looking information, including statements relating to business and operating strategies, plans and prospects for revenue growth and listing plans, using words including "anticipate", "believe", "could", "expect", "intend", "may", "plan", "potential", "project", "seek", "should", "will", "would" and similar expressions, which are intended to identify a number of these forward-looking statements. Forward-looking information reflects current views with respect to current events and is not a guarantee of future performance and is subject to risks, uncertainties and assumptions. The Company undertakes no obligation to publicly update or review any forward-looking information contained in this news release, except as may be required by applicable laws, rules and regulations. Readers are urged to consider these factors carefully in evaluating any forward-looking information.

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SOURCE Peak Fintech Group Inc.

FAQ

What did Peak Fintech announce on September 28, 2021?

Peak Fintech announced it has voluntarily withdrawn its Form 40-F to comply with SEC guidance.

What will happen to Peak Fintech's shares on September 30, 2021?

Peak Fintech's shares will be delisted from NASDAQ on September 30, 2021, due to the Form 40-F withdrawal.

Why did Peak Fintech withdraw its Form 40-F?

The withdrawal was to comply with recent SEC disclosure guidance for companies with operations in China.

How does the withdrawal affect Peak Fintech's NASDAQ listing?

Without an effective Form 40-F, Peak's shares will no longer be listed on the NASDAQ.

What steps is Peak Fintech taking to address the SEC's guidance?

Peak Fintech is planning to submit an amended Form 40-F to the SEC to address the compliance issues.