1933 Industries Applies for a Management Cease Trade Order
1933 Industries, a Nevada-focused cannabis cultivator, has filed for a Management Cease Trade Order (MCTO) with the British Columbia Securities Commission due to its inability to file its audited annual financial statements for the year ended July 31, 2024, by the November 28, 2024 deadline. The delay stems from unsuccessful audit fee negotiations with its existing auditor, although an agreement has now been reached. The audit is expected to be completed by January 27, 2025. The MCTO restricts trading by key executives but does not affect non-insider investors. The company will issue bi-weekly updates until the filings are completed and confirms no other defaults or insolvency proceedings.
1933 Industries, un coltivatore di cannabis con sede in Nevada, ha presentato una Richiesta di Sospensione della Gestione (MCTO) presso la British Columbia Securities Commission a causa della sua impossibilità di presentare i bilanci annuali auditati per l'anno chiuso il 31 luglio 2024, entro la scadenza del 28 novembre 2024. Il ritardo è dovuto a negoziazioni infruttuose sui costi di audit con il suo attuale revisore, anche se un accordo è stato ora raggiunto. Si prevede che l'audit sia completato entro il 27 gennaio 2025. La MCTO limita le operazioni da parte dei dirigenti chiave, ma non influisce sugli investitori non insider. La società emetterà aggiornamenti bisettimanali fino al completamento delle comunicazioni e conferma che non ci sono altre inadempienze o procedimenti di insolvenza.
1933 Industries, un cultivador de cannabis enfocado en Nevada, ha solicitado una Orden de Suspensión de Gestión (MCTO) a la British Columbia Securities Commission debido a su incapacidad para presentar sus estados financieros auditados anuales para el año que terminó el 31 de julio de 2024, antes de la fecha límite del 28 de noviembre de 2024. El retraso se debe a las negociaciones infructuosas sobre las tarifas de auditoría con su auditor actual, aunque ya se ha llegado a un acuerdo. Se espera que la auditoría se complete para el 27 de enero de 2025. La MCTO restringe el comercio por parte de los ejecutivos clave, pero no afecta a los inversores no propietarios. La empresa emitirá actualizaciones quincenales hasta que se completen las presentaciones y confirma que no hay otros incumplimientos ni procedimientos de insolvencia.
1933 Industries, 네바다에 본사를 둔 대마초 재배업체,는 2024년 7월 31일 종료된 회계연도의 감사된 연간 재무제표를 2024년 11월 28일 기한 내에 제출하지 못해 관리 중단 거래 명령(MCTO)를 브리티시컬럼비아 증권 위원회에 제출했습니다. 지연은 기존 감사인과의 감사 수수료 협상이 실패해서 발생했지만 현재 합의에 도달했습니다. 감사는 2025년 1월 27일까지 완료될 예정입니다. MCTO는 주요 경영진의 거래를 제한하지만 비전문 투자자에게는 영향을 미치지 않습니다. 회사는 제출이 완료될 때까지 격주 업데이트를 발행하고 다른 위반 또는 파산 절차가 없음을 확인할 것입니다.
1933 Industries, un cultivateur de cannabis basé au Nevada, a déposé une Ordonnance de Suspension de Gestion (MCTO) auprès de la British Columbia Securities Commission en raison de son incapacité à soumettre ses états financiers annuels audités pour l'exercice clos le 31 juillet 2024, avant la date limite du 28 novembre 2024. Le retard provient de négociations infructueuses concernant les frais d'audit avec son auditeur actuel, bien qu'un accord ait maintenant été atteint. L'audit devrait être terminé d'ici le 27 janvier 2025. La MCTO restreint les transactions par des dirigeants clés, mais n'affecte pas les investisseurs non initiés. La société publiera des mises à jour bimensuelles jusqu'à ce que les dépôts soient terminés et confirme qu'il n'y a pas d'autres défauts ou procédures d'insolvabilité.
1933 Industries, ein cannabisproduzierendes Unternehmen mit Sitz in Nevada, hat beim British Columbia Securities Commission einen Management Cease Trade Order (MCTO) beantragt, da es nicht in der Lage ist, die geprüften Jahresabschlüsse für das zum 31. Juli 2024 endende Jahr bis zur Frist am 28. November 2024 vorzulegen. Die Verzögerung resultiert aus gescheiterten Verhandlungen über die Prüfgebühren mit dem aktuellen Prüfer, obwohl nun eine Einigung erzielt wurde. Die Prüfung wird voraussichtlich bis zum 27. Januar 2025 abgeschlossen sein. Die MCTO schränkt den Handel der leitenden Angestellten ein, betrifft jedoch keine Nicht-Insider-Investoren. Das Unternehmen wird bis zur Fertigstellung der Einreichungen alle zwei Wochen Updates herausgeben und bestätigt, dass keine weiteren Verstöße oder Insolvenzverfahren vorliegen.
- Agreement reached with the current auditor, avoiding a change of auditor.
- Audit expected to be completed by January 27, 2025.
- Inability to file audited annual financial statements by the November 28, 2024 deadline.
- Management Cease Trade Order (MCTO) filed, restricting trading by key executives.
VANCOUVER, BC / ACCESSWIRE / November 29, 2024 / 1933 Industries Inc. (the "Company" or "1933 Industries") (CSE:TGIF), a Nevada-focused cannabis cultivator and producer, announces that it has filed an application for a Management Cease Trade Order ("MCTO") with the British Columbia Securities Commission, the Company's principal regulator, in accordance with section 8 of National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
The Company determined that it will be unable to file its audited annual financial statements for the year ended July 31, 2024, as required by Part 4 of National Instrument 51-102 Continuous Disclosure Obligations; its management's discussion and analysis (MD&A) relating to the audited annual financial statements, as required by Part 5 of National Instrument 51-102 Continuous Disclosure Obligations; and the CEO and CFO certificates relating to the audited annual financial statements, as required by National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Required Filings"), on or before the prescribed filing deadline of November 28, 2024 (the "Annual Filing Deadline").
The Company had been considering a change of auditor because of unsuccessful audit fee negotiations with respect to its existing auditor. The Company recently reached an agreement with its current auditor and will not be changing auditors at this time. The Company has been advised by its current auditor that they will be able to meet the deadline to complete the audit by January 27, 2025.
As a result, the Company filed the application for an MCTO as an alternative to a general cease trade order in accordance with NP 12-203. The MCTO prohibits trading in securities of the Company by the Chairman and CEO, Paul Rosen, Interim CFO Brian Farrell, and Director, Curtis Floyd, until the MCTO is lifted. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company. The Company will comply with the alternative information guidelines included in NP 12-203 while the Required Filings are outstanding. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Filings have not been filed.
The Company reports that: (i) there has not been any other specified default by the Company under NP 12-203, and no such default is anticipated; (ii) the Company is not subject to any insolvency proceedings; and (iii) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About 1933 Industries Inc.
1933 Industries is a Nevada-based licensed producer, focused on the cultivation and extraction of a large portfolio of cannabis consumer products in a variety of formats under its flagship brands, Alternative Medicine Association (AMA) and Level X. Its product offerings are cultivated at the Company's 68,000 sq. ft. indoor facility and marketed directly to retail dispensaries. AMA branded flower, infused pre-rolls, and in-house boutique concentrates consistently rank as the top products sold in Nevada. For more information, please visit www.1933industries.com
For further information please contact:
Alexia Helgason, VP, Investor Relations
604-728-4407
alexia@1933industries.com
Paul Rosen, CEO
paul@1933industries.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents, which can be found under the Company's profile on www.sedar.com. 1933 Industries undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE: 1933 Industries Inc.
View the original press release on accesswire.com
FAQ
Why did 1933 Industries file for a Management Cease Trade Order (MCTO)?
What is the impact of the MCTO on 1933 Industries' stock (TGIFF)?
When is the audit of 1933 Industries' financial statements expected to be completed?
What steps will 1933 Industries take while the required filings are outstanding?
