VEJI HLDGS LTD - VEJIF STOCK NEWS

Veji Holdings Ltd. (CSE:VEJI)(OTCQB:VEJIF) has submitted an application for a temporary management cease trade order (MCTO) to the British Columbia Securities Commission. This move is necessary due to anticipated delays in filing annual financial statements for the years ended December 31, 2022, and December 31, 2021, caused by auditor departure and liquidity issues. The Company aims to appoint a new auditor by May 15, 2023, and expects to complete the filings by June 15, 2023. If granted, the MCTO will restrict trading in securities by certain insiders until the annual filings are submitted. Veji Holdings intends to adhere to the information guidelines as per NP 12-203 while the filings remain outstanding.

Veji Holdings Ltd. (CSE:VEJI, OTC PINK:VEJIF) has received approval from the Supreme Court of British Columbia for a Division I proposal under the Bankruptcy and Insolvency Act, allowing the company to issue 25,726,146 common shares to creditors to settle approximately $4,000,000 in outstanding debt. The Settlement Shares, subject to Canadian Securities Exchange approval, will be issued within five business days and are subject to a statutory hold period of four months and one day. This move aims to address the company's financial obligations and improve its balance sheet.

Veji Holdings Ltd. (CSE:VEJI, OTCQB:VEJIF) announced that the Supreme Court of British Columbia has approved its Division I proposal under the Bankruptcy and Insolvency Act. This decision follows a Meeting of Creditors on January 5, 2023, where the proposal received unanimous support. Creditors not yet submitted claims have until February 25, 2023, to do so. Post this period, the Company plans to settle outstanding liabilities by issuing shares, valued at a maximum of 100% of its market capitalization. The execution of this proposal is also contingent upon approval from the Canadian Securities Exchange. Management aims to explore potential business acquisitions as part of its strategic review process.

Veji Holdings Ltd. (CSE:VEJI, OTCQB:VEJIF) has filed a Division I proposal under the Bankruptcy and Insolvency Act (Canada) to settle creditor liabilities, appointing G. Moroso & Associates Inc. as the proposal trustee. The proposal aims to exchange shares valued at up to 100% of the company's market cap for creditor claims, needing approval from a majority of creditors. If not approved, Veji risks bankruptcy. A creditors' meeting is scheduled for January 5, 2023. The company's board remains intact as it explores potential transactions like a Reverse Takeover.

Veji Holdings Ltd. (CSE:VEJI) (OTCQB:VEJIF) announces plans to wind down its US operations, including Veg Essentials LLC and VEDGEco USA Inc., following the sale of VeganEssentials.com and associated assets. Citing current market conditions and lack of access to external capital, the company will cease all active commercial operations in the plant-based sales sector. Management is evaluating the next steps due to concerns over the cash position, scheduled debt, and forecasted expenses.

Veji Holdings Ltd. has successfully completed the sale of VeganEssentials.com to a subsidiary of PlantX Life Inc. for $893,000. This includes a cash payment of $143,000 and 1,071,428 shares of PlantX at $0.70 each, with a hold period until February 15, 2023. The transaction is part of Veji's strategic initiative to optimize its assets, particularly the B2B wholesale platform, VEDGEco, with further updates expected soon.

Veji Holdings Ltd. has announced an agreement to sell the domain VeganEssentials.com and associated assets to PlantX USA for C$900,000. This transaction includes C$150,000 in cash and the issuance of 1,071,428 shares in PlantX at C$0.70 each. The sale is part of a strategic initiative aimed at exploring investment opportunities and potentially divesting significant assets. Completion is anticipated by October 15, 2022, contingent on closing conditions such as share consolidation and compliance with non-disclosure agreements.