Tokens.com Provides Update on 2023 Annual Filings

Rhea-AI Summary

Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) announced that the Ontario Securities Commission has granted a management cease trade order due to a delay in filing the annual financial statements. The MCTO restricts the CEO and CFO from trading in securities until the filings are complete, but other shareholders are not affected. The company expects to file the annual statements by January 31, 2024.

Positive

• None.

Negative

• The delay in filing the annual financial statements may impact investor confidence and raise concerns about the company's financial management.

TORONTO--(BUSINESS WIRE)-- Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a technology company that builds immersive experiences and games in 3D internet environments and owns an inventory of cryptocurrencies, today announced that, further to its news release dated December 15, 2023, its principal regulator, the Ontario Securities Commission, has accepted the Company’s application for, and has granted, a management cease trade order (the “MCTO”). 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.

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 expects that it will be in a position to file the 2023 Annual Filings on or before January 31, 2024.

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 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 earns revenues through staking an inventory of owned cryptocurrencies.

Our solutions give our clients a more engaging way to connect with their existing clients, and access to a new generation of consumers who spend time on platforms such as Roblox and Fortnite.

Our key areas of focus are: i) branded virtual stores, sales centres, and 3D branded content, ii) web2 and web3 game development and game analytics, and ii) innovative e-commerce solutions that integrate shopping into existing popular gaming platforms.

Tokens.com 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.

Keep up-to-date on Tokens.com developments and join our online communities on Twitter, LinkedIn, Facebook, Instagram and YouTube.

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/20240105538122/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 ticker symbol for Tokens.com Corp. on the NEO Exchange Canada?

The ticker symbol for Tokens.com Corp. on the NEO Exchange Canada is COIN.

What is the reason for the management cease trade order granted by the Ontario Securities Commission?

The MCTO was granted due to a delay in filing the company's annual financial statements and accompanying management’s discussion and analysis for the twelve-month period ended September 30, 2023.

When does the company expect to file the 2023 Annual Filings?

The company expects to file the 2023 Annual Filings on or before January 31, 2024.

How does the MCTO affect the trading of securities for the CEO and CFO?

The MCTO restricts the CEO and CFO from trading in securities of the Company until the 2023 Annual Filings have been filed and the MCTO has been lifted.

What are the alternative information guidelines the company intends to comply with?

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 for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release.