Ramm Pharma Announces Application for Management Cease Trade Order
Ramm Pharma Corp. (CSE: RAMM) announced its application for a temporary management cease trade order (MCTO) due to delays in filing its audited financial statements for the year ended October 31, 2022. The company, citing complexities from its acquisition of HemPoland S.p.a. Z.o.o., is unable to meet the February 28, 2023, deadline for the 2023 filings. Ramm Pharma expects to need approximately three additional weeks to finalize the filings. The MCTO will restrict trading by certain insiders but will not impact other shareholders. The company assures compliance with relevant regulations and maintains confidence in its financial reporting timeline.
- The company is actively working towards completing the 2023 Filings, which indicates proactive management.
- Ramm Pharma has a well-structured plan with a realistic timetable to meet the necessary requirements.
- The inability to meet the February 28, 2023, filing deadline raises concerns about the company's financial reporting capabilities.
- The application for an MCTO may suggest underlying financial or operational issues that could affect investor confidence.
TORONTO, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Ramm Pharma Corp. (CSE: RAMM) (the “Company”) announces today that it has made an application to relevant Canadian securities regulators to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by its Chief Executive Officer, Chief Financial Officer and certain other insiders of the Company, whether direct or indirect, so long as the 2023 Filings (as defined below) remain outstanding. The issuance of an MCTO would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the Company to trade in the Company's securities.
The Company has determined that it is not able to meet the February 28, 2023 filing deadline (the "Filing Deadline") for its audited financial statements for the year ended October 31, 2022, the management's discussion and analysis and the related CEO and CFO certification relating to the such financial statements (collectively, the "2023 Filings") as a result of the complexity associated with consolidating the acquisition of HemPoland S.p.a. Z.o.o. completed on September 6, 2022. Although the preparation of the financial statements is progressing, the Company anticipates some delays in finalizing the 2023 Filings, such that the Company is not able to meet the Filing Deadline.
Although the Company remains confident in its ability to complete the 2023 Filings, it requires an extension and has therefore applied for an MCTO. In particular, the Company has prepared a realistic timetable with specific tasks to be completed on a daily basis. The Company will use its best efforts to complete the process within this timeline. The Company anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process of preparing the 2023 Filings and in any event will use its best efforts to complete the process within the next two months.
The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as the 2023 Filings are outstanding. The Company is not subject to any insolvency proceedings.
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid pharmacology and product formulation for cannabisbased pharmaceuticals and other hemp-based products with a unique and diversified international production and sales platform. The Company operates an established pharmaceutical and medical product business in Uruguay that has developed several medically registered and approved plant-derived cannabinoid pharmaceutical products that have been authorized for sale and/or compassionate use in several Latin American countries. RAMM also has a pipeline of new products, including registered hempbased nutrition and specialized veterinary products, in various stages of approval and development, which are produced at the company's state-of-the-art, good-manufacturing-practice-certified formulation facility in Montevideo, Uruguay.
In Europe, RAMM's vertically integrated operations are based in Ragusa, Italy and Elbląg, Poland (60 kilometres east of Gdańsk), and include a hemp cultivation platform, and large extraction and processing facilities (in the final stages of commissioning in the case of Canapar Corp.). RAMM Pharma includes wholly owned subsidiaries Canapar Corp., HemPoland S.p.a. Z.o.o., Medic Plast SA, Yurelan SA, Glediser SA and RAMM Pharma Holdings Corp.
Additional information about the Company is available at www.rammpharma.com.
For further information, please contact:
Jimena Reyes
Executive Assistant
+598 2513 99 58
info@rammpharma.com
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the ability of the Company to file the 2023 Filings by the timelines set out in the release, the ability of the Company to obtain a management cease trade order and the ability of the Company to be in compliance of NP 12-203. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements including, among other things, the risks that the Company will not be able to file the Fillings in the required timeframe, or at all, that the Company will not be able to obtain a management cease trade order, that the Company will not be able to comply with NP 12-203, and that the Company's products and plans will vary significantly as a result. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
FAQ
What is the reason for Ramm Pharma Corp.'s MCTO application?
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How does the MCTO affect Ramm Pharma Corp.'s shareholders?
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Does Ramm Pharma Corp. face any insolvency issues?
