PowerBand Granted Approval for MCTO
PowerBand Solutions Inc. announces that the Ontario Securities Commission has granted the Company a management cease trade order (MCTO) due to a delay in filing financial statements. The MCTO restricts management from trading in securities until filings are complete. The Company aims to file by June 15, 2024, and remains in compliance with alternative information guidelines.
- None.
The delay in filing financial statements has led to the imposition of a management cease trade order, restricting trading by the Company's management. This can impact investor confidence and create uncertainty in the market until filings are completed.
TORONTO, ON / ACCESSWIRE / May 1, 2024 / PowerBand Solutions Inc. (TSXV:PBX)(OTC PINK:PWWBF) ("PowerBand" or the "Company") announces that its principal regulator, the Ontario Securities Commission, has granted the Company its request for a management cease trade order (the "MCTO").
As previously announced on April 16, 2024 (the "Announcement"), the Company applied for the MCTO due to a delay in the filing of the audited consolidated financial statements for the year ended December 31, 2023, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Filings").
The MCTO restricts the Company's management from all trading in securities of the Company until such time as the Filings have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company and its auditor continue to work diligently toward completing the Filings as soon as possible with the goal of filing the Filings on or about June 15, 2024.
The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed, (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") and issue bi-weekly default status reports for so long as the delay in filing the Filings continues, each of which will be issued in the form of a news release, (iii) there has not been any other specified default by the Company under NP 12-203, (iv) the Company is not subject to any insolvency proceedings, and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About PowerBand Solutions Inc.
PowerBand Solutions Inc., listed on the TSX Venture Exchange, OTC Pink, and Frankfurt markets, is a fintech provider disrupting the automotive industry. PowerBand's integrated, cloud-based transaction platform facilitates transactions amongst consumers, dealers, and funders. PowerBand's transaction platform - trademarked under DRIVRZTM - is being made available across the United States of America.
For further information, please visit the Powerband website or contact:
Shibu Abraham
Chief Financial Officer and Director
E: info@powerbandsolutions.com
P: 1-866-768-7653
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving PowerBand, its subsidiaries and its businesses. Such information is typically identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "plan", "forecast", "future", "outlook, "guidance", "may", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this document includes: the filing of the Filings, including the timing for the filing of the Filings.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that PowerBand believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to PowerBand, including information obtained from third party industry analysts and other third-party sources, and the historic performance of PowerBand's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, that the Filings will be filed in the period estimated herein, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by PowerBand, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, commodity prices relating to the automotive industry, trading data, cost estimates, our ability to obtain financing on acceptable terms, and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on PowerBand's businesses and customers and capital expenditure requirements of PowerBand, the assumptions set forth under the "Financial Outlook" and "Risk Factors" sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.
When relying on our forward-looking information to make decisions with respect to PowerBand, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, PowerBand does not undertake to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
SOURCE: PowerBand Solutions Inc.
View the original press release on accesswire.com
FAQ
What is the reason for the management cease trade order (MCTO) granted to PowerBand Solutions Inc.?
Until when is PowerBand Solutions Inc. expected to file the necessary financial statements?
How does the MCTO affect trading in securities of PowerBand Solutions Inc.?
What actions is PowerBand Solutions Inc. taking to address the filing delay?
Is PowerBand Solutions Inc. complying with regulatory guidelines during the filing delay?
Is PowerBand Solutions Inc. facing any insolvency proceedings?
Has there been any undisclosed material information concerning PowerBand Solutions Inc.?
