ParcelPal Provides Update on Status of MCTO
ParcelPal Logistics has provided an update on the management cease trade order (MCTO) applied for on April 16, 2024, and issued by the British Columbia Securities Commission on May 1, 2024.
The MCTO prohibits trading by the company's CEO and CFO until the delayed audited annual financial statements for the fiscal year ending December 31, 2023, and related documents, are filed.
This delay also affects the timely completion of the interim financial statements for the three months ending March 31, 2024.
The company and its new auditors are working diligently to complete these filings by June 28, 2024. Meanwhile, ParcelPal will issue bi-weekly updates until the filings are completed and the MCTO is lifted.
- The MCTO does not affect the ability of other shareholders to trade in the company's securities.
- ParcelPal is working diligently with newly appointed auditors to complete the filings by June 28, 2024.
- Regular updates will be provided to keep investors informed of progress.
- The MCTO prohibits trading by the CEO and CFO until required filings are completed.
- Delays in the annual filings have affected the timely completion of Q1 interim financial statements.
- Inability to file interim financial statements by the reporting deadline of May 30, 2024.
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2024) - ParcelPal Logistics Inc. (OTC Pink: PTNYF) (CSE: PKG) (FSE: PT0) (the "Company" or "ParcelPal"), is providing an update on the status of a management cease trade order (the "MCTO") application that was announced on April 16, 2024 (the "Announcement") with its principal regulator, the British Columbia Securities Commission, who issued the MCTO on May 1, 2024. The Company applied for the MCTO in order to secure additional time for the Company to file its audited annual financial statements and the related management's discussion and analysis for the fiscal year ended December 31, 2023, (the "Annual Filings"), which were originally due on April 29, 2024.
The MCTO prohibits all trading in the capital of the Company, whether directly or indirectly, by the Company's CEO and CFO until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders to trade in the securities of the Company.
Preparation of the Annual Filings is also affecting the timely completion of the Company's interim financial statements, accompanying management's discussion and analysis and related certifications for the three months ended March 31, 2024 (the "Interim Filings"). The completion of the Interim Filings depends on the results contained in the Annual Filings, and, accordingly, the Company will not be able to file the Interim Filings by the reporting deadline of May 30, 2024.
The Company and its newly appointed auditors are working diligently to complete the Annual Filings and Interim Filings as soon as possible. The Company anticipates that it will be in a position to file the Annual Filings and Interim Filing on or before June 28, 2024 (collectively, the "Required Filings").
The Company confirms that since the date of the Announcement: (i) other than as described above, there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) other than as described above, there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases until the Required Filings are posted and the MCTO has been lifted.
About ParcelPal Logistics Inc.
ParcelPal is a Vancouver, British Columbia company, with operations in the United States, that specializes in last-mile delivery service and logistics solutions. We are a customer-driven, courier and logistics company connecting people and businesses through our network of couriers. Some of our verticals include pharmacy & health, meal kit deliveries, retail, groceries and more.
ParcelPal Website: www.parcelpal.com
Neither the Canadian Securities Exchange ("CSE"), the Securities and Exchange Commission nor any other securities regulatory authority has reviewed and do not accept responsibility for the adequacy or accuracy of this news release that has been prepared by management.
OTC Pink - Symbol: PTNYF
CSE - Symbol: PKG
FSE - Symbol: PT0
Contact Information
Investor Contact
investors@parcelpal.com
T: (587) 883-9811
Company Contact
investors@parcelpal.com
T: (587) 883-9811
Forward-Looking Information
This news release contains forward-looking statements relating to the future potential of ParcelPal. Forward-looking statements are often identified by terms such as "will", "may", "should", "intends", "anticipates", "expects", "plans" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the Required Filings will not be completed or on time due to, among other things, failure to agree to the terms with a new auditor, failure to receive the approval of the CSE, if and as needed, and the risk that ParcelPal will not be successful due to, among other things, general risks relating to the logistics industry, failure of ParcelPal to gain market acceptance, and potential challenges related to expansion, or with the intellectual property utilized in ParcelPal and its acquisition target(s). There can be no assurance that any forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. The risk of the discontinuation of business by third party customers of the acquired business(es) cannot be guaranteed, and is a business risk that is, in large measure, out of the control of the Company. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. 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 only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/211001
FAQ
What is the status of the MCTO for ParcelPal Logistics PTNYF?
When are ParcelPal PTNYF's delayed financial statements expected to be filed?
How does the MCTO affect shareholders of ParcelPal PTNYF?
Why did ParcelPal PTNYF apply for an MCTO?
What actions is ParcelPal PTNYF taking to complete the delayed filings?
