RYU Apparel Inc. Announces Cease Trade Order

Rhea-AI Summary

RYU Apparel Inc. (TSXV: RYU, OTC: RYPPF) announced that the British Columbia Securities Commission has issued a cease trade order (CTO) due to the company's failure to file necessary financial statements for the quarter ended September 30, 2022, by the November 29, 2022 deadline. The company attributes this delay to unforeseen circumstances related to its recent move from Vancouver to Toronto. RYU is working diligently to complete the required filings before the end of December 2022.

Positive

• RYU is actively working to resolve the filing issues and aims to complete required filings by December 2022.

Negative

• Failure to file unaudited financial statements could lead to regulatory challenges.
• The cease trade order may impact market perceptions and investor confidence.

TORONTO, Dec. 8, 2022 /PRNewswire/ - RYU Apparel Inc. (TSXV: RYU) (OTC: RYPPF) (FWB: RYA) ("RYU" or the "Company") announced that the British Columbia Securities Commission has issued a "failure to file" cease trade order in respect of the Company's securities under Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions (the "CTO").

The CTO was issued as a result of the Company's failure to file its unaudited financial statements, management's discussion and analysis and related certifications for the quarter ended September 30, 2022 (collectively, the "Required Filings") before the November 29, 2022 filing deadline.

The Company has experienced unforeseen delays in finalizing the Required Filings which resulted from the Company's recent move of its head office from Vancouver to Toronto. The Company is diligently working to complete the Required Filings before the end of December 2022.

On Behalf of the Board,

RYU Apparel Inc. 
"Cesare Fazari" 
Cesare Fazari, CEO 
Tel: 416-434-5750

About RYU Apparel Inc.

RYU (TSXV: RYU) (OTCQB: RYPPF), or Respect Your Universe, is an award winning urban athletic apparel and accessories brand engineered for active lifestyles. Designed without compromise for fit, comfort, and durability, RYU exists to facilitate optimal human performance. For more information, please visit the RYU website at: http://ryu.com 

Neither the Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE RYU Apparel Inc.

FAQ

What is the recent news about RYU Apparel Inc. regarding the cease trade order?

RYU Apparel Inc. has received a cease trade order from the British Columbia Securities Commission due to its failure to file financial statements by the deadline.

What caused the cease trade order for RYU Apparel Inc.?

The cease trade order was caused by RYU Apparel's failure to file required financial documents on time, attributed to its office relocation from Vancouver to Toronto.

When is RYU Apparel Inc. expected to file its required financial documents?

RYU Apparel Inc. is working to complete its required financial filings before the end of December 2022.

What are the implications of the cease trade order for RYU Apparel Inc. investors?

The cease trade order may negatively impact stock performance and investor confidence due to regulatory scrutiny.