UR-ENERGY ANNOUNCES DELAY FILING YEAR-END REPORTING DOCUMENTS
Ur-Energy (NYSE: URG) has announced a delay in filing its 2024 annual financial statements, management's discussion and analysis, and related documents beyond the prescribed deadlines. The delay stems from an accounting issue regarding the classification of certain stock options as a liability under the company's Amended and Restated Stock Option Plan.
The non-cash reclassification from equity to liabilities and potential adjustment to stock compensation expense will impact options from late 2024. The company expects to file the required documents by April 14, 2025. No restatement is anticipated for the 2023 financial statements.
As a result, Ur-Energy has applied for a management cease trade order (MCTO), which would restrict the CEO and CFO from trading company securities while allowing common shares to continue trading on the TSX and NYSE American. The company confirms it is not subject to any insolvency proceedings.
Ur-Energy (NYSE: URG) ha annunciato un ritardo nella presentazione dei suoi bilanci annuali per il 2024, della discussione e analisi della direzione e dei documenti correlati oltre le scadenze prescritte. Il ritardo è dovuto a un problema contabile riguardante la classificazione di alcune opzioni su azioni come passività secondo il Piano di Opzioni su Azioni Modificato e Ripristinato dell'azienda.
La riclassificazione non monetaria da patrimonio netto a passività e il potenziale adeguamento delle spese per compensi azionari influenzeranno le opzioni dalla fine del 2024. L'azienda prevede di presentare i documenti richiesti entro il 14 aprile 2025. Non si prevede alcuna rettifica per i bilanci finanziari del 2023.
Di conseguenza, Ur-Energy ha richiesto un'ordinanza di cessazione del commercio da parte della gestione (MCTO), che limiterebbe il CEO e il CFO dal commercio di titoli dell'azienda, consentendo però che le azioni ordinarie continuino a essere scambiate sul TSX e sul NYSE American. L'azienda conferma di non essere soggetta a procedimenti di insolvenza.
Ur-Energy (NYSE: URG) ha anunciado un retraso en la presentación de sus estados financieros anuales de 2024, la discusión y análisis de la dirección y los documentos relacionados más allá de los plazos establecidos. El retraso se debe a un problema contable relacionado con la clasificación de ciertas opciones sobre acciones como un pasivo bajo el Plan de Opciones sobre Acciones Modificado y Restablecido de la empresa.
La reclasificación no monetaria de patrimonio a pasivos y el posible ajuste en los gastos de compensación de acciones afectarán las opciones a partir de finales de 2024. La empresa espera presentar los documentos requeridos para el 14 de abril de 2025. No se anticipa ninguna rectificación para los estados financieros de 2023.
Como resultado, Ur-Energy ha solicitado una orden de cese de comercio por parte de la gestión (MCTO), que restringiría al CEO y al CFO de comerciar valores de la empresa, permitiendo que las acciones comunes continúen comerciándose en el TSX y en el NYSE American. La empresa confirma que no está sujeta a ningún procedimiento de insolvencia.
Ur-Energy (NYSE: URG)는 2024년 연간 재무제표, 경영진의 논의 및 분석, 관련 문서의 제출이 정해진 기한을 넘어 지연될 것이라고 발표했습니다. 이 지연은 회사의 수정 및 재설정된 스톡 옵션 계획에 따라 특정 스톡 옵션을 부채로 분류하는 회계 문제에서 비롯됩니다.
자본에서 부채로의 비현금 재분류 및 주식 보상 비용에 대한 잠재적 조정은 2024년 말부터 옵션에 영향을 미칠 것입니다. 회사는 필요한 문서를 2025년 4월 14일까지 제출할 것으로 예상하고 있습니다. 2023년 재무제표에 대한 재작성은 예상되지 않습니다.
그 결과, Ur-Energy는 경영 중지 거래 명령(MCTO)을 신청했으며, 이는 CEO와 CFO가 회사 증권 거래를 제한하는 동시에 일반 주식이 TSX 및 NYSE American에서 계속 거래될 수 있도록 허용합니다. 회사는 어떠한 파산 절차에도 처해 있지 않다고 확인했습니다.
Ur-Energy (NYSE: URG) a annoncé un retard dans le dépôt de ses états financiers annuels pour 2024, de la discussion et de l'analyse de la direction, ainsi que des documents connexes au-delà des délais prescrits. Ce retard provient d'un problème comptable concernant la classification de certaines options d'achat d'actions en tant que passif dans le cadre du Plan d'Options d'Achat d'Actions Modifié et Révisé de l'entreprise.
La reclassement non monétaire des capitaux propres en passifs et le potentiel ajustement des dépenses de compensation en actions auront un impact sur les options à partir de fin 2024. L'entreprise prévoit de déposer les documents requis d'ici le 14 avril 2025. Aucune réévaluation n'est prévue pour les états financiers de 2023.
En conséquence, Ur-Energy a demandé un ordre de cessation de négociation par la direction (MCTO), qui empêcherait le PDG et le directeur financier de négocier des titres de l'entreprise tout en permettant aux actions ordinaires de continuer à être négociées sur le TSX et le NYSE American. L'entreprise confirme qu'elle n'est pas soumise à des procédures d'insolvabilité.
Ur-Energy (NYSE: URG) hat eine Verzögerung bei der Einreichung seiner Jahresfinanzberichte für 2024, der Diskussion und Analyse des Managements sowie der damit verbundenen Dokumente über die vorgeschriebenen Fristen hinaus angekündigt. Die Verzögerung resultiert aus einem Buchhaltungsproblem hinsichtlich der Klassifizierung bestimmter Aktienoptionen als Verbindlichkeit gemäß dem geänderten und neu gefassten Aktienoptionsplan des Unternehmens.
Die nicht liquiditätswirksame Umklassifizierung von Eigenkapital zu Verbindlichkeiten und die mögliche Anpassung der Aktienvergütungskosten werden die Optionen ab Ende 2024 beeinflussen. Das Unternehmen erwartet, die erforderlichen Dokumente bis zum 14. April 2025 einzureichen. Für die Finanzberichte 2023 wird keine Neufassung erwartet.
Infolgedessen hat Ur-Energy einen Antrag auf eine Management-Cease-Trade-Order (MCTO) gestellt, die den CEO und CFO daran hindern würde, Unternehmenswertpapiere zu handeln, während die Stammaktien weiterhin an der TSX und der NYSE American gehandelt werden dürfen. Das Unternehmen bestätigt, dass es nicht Gegenstand eines Insolvenzverfahrens ist.
- No restatement expected for 2023 financial statements
- Company confirms no insolvency proceedings
- Delay in filing annual financial statements and related documents beyond deadline
- Accounting issues requiring reclassification of stock options as liability
- Potential adjustments needed to stock compensation expense
- Risk of trading restrictions if MCTO is not granted
Insights
Ur-Energy's announcement of delayed financial filings represents a concerning but contained situation that investors should monitor carefully. The delay stems from a specific technical accounting issue - the need to reclassify certain stock options from equity to liabilities, potentially impacting stock compensation expense for H2 2024. This non-cash reclassification appears in scope, with management explicitly stating no anticipated restatement of 2023 financials.
The company has proactively applied for a Management Cease Trade Order (MCTO), which would restrict only executive trading while allowing normal share trading to continue. This regulatory action, while negative, represents a moderate rather than severe intervention. The explicit commitment to file by April 14th (two weeks after the deadline) indicates the company believes the issue is resolvable in short order.
Critical factors mitigating investor concern include: the technical nature of the accounting issue, the company's transparency in outlining the specific problem, the clear timeline for resolution, and explicit confirmation the company is not subject to insolvency proceedings. However, filing delays always raise questions about internal controls and accounting systems that warrant investor scrutiny once complete filings are available.
The delay in filing the Required Filings is due to an accounting issue identified by the Company, resulting in the need for the Company to classify certain stock options awarded under its Amended and Restated Stock Option Plan (2005), as amended, as a liability. The non-cash reclassification from equity to liabilities and a possible adjustment to stock compensation expense will impact the Company's outstanding options in the latter half of 2024. For clarity, the Company does not currently anticipate a restatement of its Consolidated Financial Statements for the year ended December 31, 2023.
Management is undertaking the required work to expeditiously complete this accounting matter and to obtain final consents from its external auditors and proceed to file the Required Filings for 2024 within the prescribed timeframe. The Company expects to be in a position to issue and file the Required Filings by no later than April 14, 2025.
As a result of the Required Filings not being filed by March 31, 2025, the Company has made an application for the imposition of a management cease trade order ("MCTO") as contemplated under the Canadian National Policy 12-203 – Management Cease Trade Orders ("NP 12-203"); however there is no assurance that it will be granted. An MCTO provides a mechanism restricting the Company's CEO and CFO from trading in the Company's securities while allowing the common shares to continue trading on the TSX and the NYSE American.
The Company has confirmed that it intends to satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203 for so long as it remains in default for failure to file the Required Filings. In the event an MCTO is not granted, or the Company fails to file the appropriate Default Status Reports as prescribed by NP 12-203, applicable Canadian securities regulatory authorities may impose an Issuer Cease Trade Order.
The Company confirms that it is not subject to any insolvency proceeding as of the date hereof.
The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date herein.
About Ur-Energy
Ur-Energy is a uranium mining company operating the Lost Creek in-situ recovery uranium facility in south-central
Cautionary Note Regarding Forward-Looking Information
This release may contain "forward-looking statements" within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., the anticipated timing of the filing of the Required Filings and the scope of the non-cash reclassifications; whether the Company will satisfy the provisions of the alternative information guidelines described in sections 9 and 10 of NP 12-203; and the timing and outcome of the MCTO) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects," "does not expect," "is expected," "is likely," "estimates," "intends," "anticipates," "does not anticipate," or "believes," or variations of the foregoing, or statements that certain actions, events or results "may," "could," "might" or "will be taken," "occur," "be achieved" or "have the potential to." All statements, other than statements of historical fact, are considered to be forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements express or implied by the forward-looking statements. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors described in the public filings made by the Company at www.sedarplus.ca and www.sec.gov. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management's beliefs, expectations or opinions that occur in the future.
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SOURCE Ur-Energy Inc.
FAQ
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