Ramm Pharma Announces Cease Trade Order
On February 22, 2022, Ramm Pharma Corp. (CSE: RAMM) announced that it would not meet the deadline of February 28, 2022, for filing its annual audited financial statements for the year ended October 31, 2021. The Ontario Securities Commission indicated that a cease trade order (CTO) will be issued due to this delay. The Company expects to file the required documents before the end of the week to revoke the CTO. Ramm Pharma specializes in cannabinoid pharmaceuticals and operates in multiple countries, including Uruguay and Italy.
- Ramm Pharma has developed medically registered cannabinoid products in several Latin American countries.
- The company has a diversified international production and sales platform.
- Failure to file annual audited financial statements may lead to a cease trade order.
- Potential delays in revoking the CTO may impact investor confidence.
TORONTO, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Ramm Pharma Corp. (CSE: RAMM) (the “Company”). On February 22, 2022, the Company announced that, for reasons set out in its news release of February 22, 2022, the filing of its annual audited financial statements for the year ended October 31, 2021, the accompanying management's discussion and analysis and the related CEO and CFO certifications (collectively, the "Annual Filings") would not be filed by the prescribed deadline of February 28, 2022 (the “Deadline”).
The Company was not granted a management cease trade order in connection with the delay in filing the Annual Filings, and the Ontario Securities Commission, as principal regulator, notified the Company that a cease trade order (“CTO”) will be issued after the Deadline for failure to file the Annual Filings. As previously announced, the Company requires additional time to file the Annual Filing and expects to file the Annual Filings before the end of this week which, when filed, will constitute an application to revoke the CTO.
About RAMM Pharma Corp.
RAMM Pharma is a leader in the field of cannabinoid pharmacology and product formulation for cannabis-based pharmaceuticals and other cannabis-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 cannabis-based 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 cannabis formulation facility in Montevideo, Uruguay.
In Europe, RAMM's vertically integrated operations are based in Ragusa, Italy, and include: a hemp cultivation platform; a large extraction and processing facility (in the final stages of commissioning) to produce an extensive line of cannabidiol formulations, APIs (active pharmaceutical ingredients) and wellness products.
RAMM Pharma includes wholly owned subsidiaries Canapar Corp., 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:
Guillermo Delmonte
Chief Operating Officer
+598 92 223 131
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 2022 Filings by the timelines set out in the release, and the ability of the Company to obtain a revocation of the CTO 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
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