Tokens.com Provides Update on 2023 Annual Filings

Rhea-AI Summary

Tokens.com Corp. provided an update on the status of a management cease trade order (MCTO) granted by the Ontario Securities Commission. The audit is progressing, and the company expects to file the 2023 Annual Filings on or before January 31, 2024. The MCTO restricts the CEO and CFO from trading in securities until the filings are completed. The company intends to comply with alternative information guidelines until the default is resolved.

TORONTO--(BUSINESS WIRE)-- Tokens.com Corp. (Cboe Canada: COIN) (Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a web3 technology company that owns an inventory of cryptocurrencies, today provided an updated on the status of a management cease trade order (the “MCTO”) which was granted by the Ontario Securities Commission on January 2, 2024.

The Company reports that the audit is progressing and that the Company and its auditors continue to work diligently toward completing the 2023 Annual Filings as soon as possible. The Company is not aware of any specific accounting or audit concerns at this time. The Company continues to expect that it will be in a position to file the 2023 Annual Filings on or before January 31, 2024. The Company will issue a news release announcing completion of such filings at such time. Further updates on timing will be provided by the Company as necessary

As previously announced, the Company applied for the MCTO due to a delay in the filing of the Company's annual financial statements and accompanying management’s discussion and analysis for the for the twelve-month period ended September 30, 2023 (the "2023 Annual Filings"), which were due on December 29, 2023.

The MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the 2023 Annual Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.

Until the 2023 Annual Filings are filed, the Company intends to comply with the provisions of the alternative information guidelines as set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release. The Company confirms that, since its prior news release dated December 15, 2023: (a) there has been no material change to the information set out in that press release that has not been generally disclosed; (b) there has not been any other specified default by the Company under NP 12-203; (c) the Company is not subject to any insolvency proceedings; and (d) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About Tokens.com

Tokens.com is a web3 technology company that builds products and services that connects brands to consumers in 3D internet environments, including popular gaming and metaverse platforms. The Company also manages an inventory of valuable cryptocurrency, digital real estate, and a collection of top ranked crypto related domain names.

Visit Tokens.com to learn more.

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Forward-Looking Statements

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements in this news release include statements relating to the strategic review process and the work of the Committee; whether a strategic change, transaction or any outcome will result from or be consummated or implemented as a result of the strategic review process; and whether any transaction resulting from the strategic review process, if any, will ultimately enhance shareholder or stakeholder value in the long term.

Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240119898640/en/

Tokens.com Corp.



Andrew Kiguel, CEO

Telephone: +1-647-578-7490

Email: contact@tokens.com



Jennifer Karkula, Head of Communications

Email: contact@tokens.com

Source: Tokens.com Corp.

FAQ

What is the status of the management cease trade order (MCTO) granted by the Ontario Securities Commission?

The company provided an update on the progress of the MCTO, stating that the audit is ongoing and expects to file the 2023 Annual Filings by January 31, 2024.

How does the MCTO affect trading in securities?

The MCTO restricts the CEO and CFO from trading in securities until the 2023 Annual Filings are completed.

What are the alternative information guidelines mentioned in the press release?

The company intends to comply with the provisions of National Policy 12-203 – Management Cease Trade Orders (NP 12-203) until the default is resolved.

Is the company subject to any insolvency proceedings?

The press release confirms that the company is not subject to any insolvency proceedings.

What updates will be provided by the company regarding the timing of the filings?

The company will issue a news release announcing the completion of the filings at such time, and further updates on timing will be provided as necessary.