Planet 13 Announces Impending Effectiveness of Form 10 Registration Statement
Planet 13 Holdings (CSE:PLTH, OTCQX:PLNHF) announced an amendment to its Form 10 Registration Statement with the SEC to register its common shares under Section 12(g) of the U.S. Securities Exchange Act. The Form 10 is expected to become effective on February 11, 2022. This move is aimed at preparing for a potential up-listing on a major U.S. exchange, pending federal legalization. The company will also shift to U.S. GAAP accounting, aligning its financial statements with U.S. standards. Planet 13 plans to report its financial results for the year ended December 31, 2021, in accordance with U.S. GAAP.
- Amendment to Form 10 may facilitate up-listing on a major U.S. exchange pending federal legalization.
- Shift to U.S. GAAP accounting aligns financial reporting with large U.S. retailers.
- None.
LAS VEGAS, NV / ACCESSWIRE / January 26, 2022 / Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company, announced that it has filed an amendment to its Form 10 Registration Statement with the United States Securities and Exchange Commission ("SEC") to register its common shares the "Common Shares") under Section 12(g) of the U.S. Securities Exchange Act of 1934 (the "Exchange Act") and, unless withdrawn, anticipates the Form 10 to become automatically effective on February 11, 2022.
"This is an important step in preparing to potentially up-list on a major U.S. exchange pending federal legalization," said Bob Groesbeck, Co-CEO of Planet 13. "As part of registering our Common Shares with the SEC, we will also be shifting to U.S. GAAP accounting which will make our financial statements more directly aligned with large U.S. retailers and CPG companies."
Once the Form 10 becomes effective, Planet 13 will be subject to the reporting requirements of the Exchange Act, which includes reporting its financial results in accordance with U.S. GAAP, filing annual, quarterly, and current reports, as well as proxy statements with the SEC. Planet 13 expects to report its year end December 31, 2021 financial results in accordance with U.S. GAAP and an annual report on Form 10-K with the SEC.
The Form 10 amendment and exhibits have also been filed on Canada's System for Electronic Document Analysis and Retrieval ("SEDAR") under the Company's SEDAR profile at www.sedar.com. The Form 10 and any amendments are available on the SEC's website at www.sec.gov and on the Company's website.
For more information on Planet 13, visit the investor website.
About Planet 13
Planet 13 (www.planet13holdings.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations in Las Vegas and dispensary operations in Orange County, California. Planet 13 also holds a medical marijuana treatment center license in Florida and a
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to the Company's plan to list on a major U.S. exchange and pending federal legalization, as well as statements regarding effectiveness of the Form 10 and the Company's future reporting obligations.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: risks associated with COVID-19 and other infectious diseases presenting as major health issues; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the Nevada and California cannabis market or other states in which the Company may operate and changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution and sale of cannabis and cannabis related products in states in which we operate or contemplate future operations; and employee relations. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The Company is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States through licensed subsidiary entities in states that have legalized marijuana operations, however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's business, including COVID-19, are contained under the heading "Risk Factors" and elsewhere in the Company's annual information form dated April 5, 2021 filed on its issuer profile on SEDAR at www.sedar.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
SOURCE: Planet 13 Holdings Inc.
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