POSaBIT Announces Anticipated Late Filing of the First Quarter Interim Filings
POSaBIT Systems (CSE: PBIT, OTC: POSAF) has announced a delay in filing its interim financial statements and management's discussion for Q1 2024, initially due by May 30, 2024. The delay stems from the late filing of the company's annual financials. POSaBIT anticipates completing the Q1 filings by June 13, 2024. In response, POSaBIT has applied for a voluntary management cease trade order (MCTO) from the British Columbia Securities Commission, which will restrict the trading activities of the company's CEO and CFO until the filings are completed. This order does not impact other shareholders. The company will issue bi-weekly default status reports until the filings are submitted.
- POSaBIT expects to file Q1 2024 interim financials by June 13, 2024.
- The delay in filing is a result of the late submission of annual financials, indicating a specific cause rather than systemic issues.
- The voluntary management cease trade order (MCTO) aims to ensure transparency and regulatory compliance.
- MCTO does not affect the trading ability of non-insider shareholders.
- POSaBIT will comply with National Policy 12-203, ensuring regular updates through bi-weekly default status reports.
- Delay in filing Q1 2024 interim financials may raise concerns about the company's financial processes and management efficiency.
- Management cease trade order highlights potential internal issues, restricting the CEO and CFO from trading the company's securities.
- The late filing of annual financials reflects poorly on the company's operational timeliness.
- Extended delay in financial reporting can affect investor confidence and stock performance.
- Frequent delays in financial reporting might suggest underlying financial or administrative problems.
The reason for the anticipated delay of the filing of the Q1 Interim Filings is because the Company’s late filing of its annual financials did not allow sufficient time for completion of Q1 Interim Filings by the Filing Deadline. The Applicant anticipates being able to file the Q1 Interim Filings on or before June 13, 2024.
Accordingly, the Company has applied for, and expects to receive, a voluntary management cease trade order (the "MCTO") from the British Columbia Securities Commission. The MCTO will stay in effect until the Q1 Interim Filings are filed. The issuance of the MCTO will at a minimum prohibit the chief executive officer and chief financial officer of the Company to trade in the Company's securities for so long as the Q1 Interim Filings are not filed. The MCTO, if issued, does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company. The MCTO will be in effect until the default is remedied.
The Company will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Order, until the Q1 Interim Filings have been completed. The guidelines, among other things, require the Company to issue bi-weekly default status reports, by way of a news release, so long as the Q1 Interim Filings have not been filed, and these will also be filed on SEDAR+.
About POSaBIT
POSaBIT (CSE: PBIT, OTC: POSAF) is a FinTech, working exclusively within the cannabis industry. We provide a best-in-class Point-of-Sale solution and are the leading cashless payment provider for cannabis retailers. We work tirelessly to build better financial services and transaction methods for merchants. We bring cutting-edge software and technology to the cannabis industry so that all merchants can have a safe and compliant set of services to solve the problems of a cash-only industry. For additional information, visit www.posabit.com.
The CSE does not accept responsibility for the adequacy or accuracy of this news release. This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements, including those relating to the timing of the filing of the Q1 Interim Filings and the issuance of the MCTO and involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from the historical results or any future results expressed or implied by such forward-looking statements. All statements within, other than statements of historical fact, are to be considered forward-looking. Although POSaBIT believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including the accuracy of the timelines communicated to the Company from the component auditors, such statements are not a guarantee of future performance, and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, exploration results, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240530446110/en/
Ryan Hamlin
Co-Founder and CEO
855-767-2248
investors@posabit.com
Source: POSaBIT Systems Corporation
FAQ
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