PreveCeutical Provides Update on Management Cease Trade Order
PreveCeutical Medical has filed its audited annual financial statements and related management's discussion for the year ending December 31, 2023. These filings are now available on SEDAR+ and the CSE website. The company is currently under a management cease trade order (MCTO) issued by the British Columbia Securities Commission due to a delay in filing these reports. PreveCeutical missed the May 30, 2024 deadline for its Q1 2024 financial filings as a result. The company aims to complete the Q1 filings by July 5, 2024, after which it expects the MCTO to be revoked. PreveCeutical will continue issuing bi-weekly updates as required.
- PreveCeutical has filed its audited annual financial statements for 2023, resolving a significant compliance issue.
- The company plans to file its Q1 2024 financial statements by July 5, 2024, which could lead to the revocation of the MCTO.
- PreveCeutical is currently under a management cease trade order due to delays in filing its annual financial statements and Q1 2024 financial reports.
- The company missed the May 30, 2024 deadline for its Q1 2024 financial filings, indicating potential operational or administrative issues.
Vancouver, British Columbia--(Newsfile Corp. - June 28, 2024) - PreveCeutical Medical Inc. (CSE: PREV) (OTCQB: PRVCF) (FSE: 18H) (the "Company" or "PreveCeutical") is pleased to announce that today it has filed its audited annual financial statements and accompanying management's discussion and analysis, with related CEO and CFO certificates, for the financial year ended December 31, 2023 (collectively, the "Annual Filings"). The Annual Filings are available on SEDAR+ as well as the CSE website.
As previously announced, in connection with the delay by the Company in filing its Annual Filings, the Company is under a voluntary management cease trade order ("MCTO") issued by the British Columbia Securities Commission (the "BCSC") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), effective as of May 2, 2024. The Company could not proceed to file its interim financial statements, accompanying management's discussion and analysis and related CEO and CFO certificates for the period ended March 31, 2024 (collectively, the "Q1 Filings") prior to filing the outstanding Annual Filings in accordance with applicable Canadian securities laws and as such, the Company was unable to complete the Q1 Filings prior to the May 30, 2024 deadline.
The Company expects to file the Q1 Filings as soon as they are available, and in any event no later than July 5, 2024. Once the Q1 Filings are completed, the Company expects to be up-to-date with its required filings and that the MCTO will be revoked by the BCSC.
The Company is providing this status update in accordance with NP 12-203. Until the Company files the Q1 Filings, it will comply with the alternative information guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases.
The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on May 2, 2024, and the default status reports issued May 16, 2024, May 30, 2024 and June 14, 2024 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
About PreveCeutical
PreveCeutical is a health sciences company focused on developing innovative options for preventive and curative therapies utilizing organic and nature identical products. The Company aims to be a leader in the preventive health sciences sector.
With the completion of three of its research programs, the Company is actively working on the development, clinical trials, and commercialization of its products; and has filed a number of provisional patent applications to protect the intellectual property from its research programs.
For more information about PreveCeutical, please visit our website www.PreveCeutical.com or follow us on Twitter and Facebook.
On behalf of the Board of Directors of PreveCeutical
Stephen Van Deventer, Chairman, Chief Executive Officer and interim Chief Financial Officer
For further information, please contact:
Stephen Van Deventer: +1 604 306 9669
Or Investor Relations ir@preveceutical.com
Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified using forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the Company's plans relating to the development, clinical trials and commercialization of its products; management expectations that it will be able to file the Q1 Filings within the time period described herein and that the MCTO will be revoked.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: the Company being unable to execute its business plans as intended; the Company being unable to file the Q1 Filings in the proposed time frame; the Company being unable to have the MCTO revoked; potential market volatility; and the state of the financial markets for the Company's securities.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that: the Company will be able to execute its business plans as intended; the Company will be able to file the Q1 Filings in the proposed time frame and have the MCTO revoked.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214959
FAQ
What is the status of PreveCeutical's audited annual financial statements for 2023?
Why is PreveCeutical under a management cease trade order (MCTO)?
When does PreveCeutical expect to file its Q1 2024 financial statements?
What will happen once PreveCeutical files its Q1 2024 financial statements?
What does NP 12-203 entail for PreveCeutical?
