Veji Announces Application for MCTO
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.
- Application for an MCTO is intended to avoid a general cease trade order, providing a structured approach to address filing delays.
- Management plans to appoint a new auditor by May 15, 2023, demonstrating proactive measures to resolve compliance issues.
- Recent departure of the Company's auditor raises concerns regarding internal financial oversight.
- Liquidity position issues may hinder the Company's operational stability and financial health.
VANCOUVER BC / ACCESSWIRE / April 24, 2023 / Veji Holdings Ltd. (CSE:VEJI)(OTCQB:VEJIF) (the "Company'' or "Veji") announces that it has submitted an application to the British Columbia Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by certain insiders of the Company, whether direct or indirect.
Under the provisions of Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), the Company is required to file its annual financial statements and management discussion and analysis for the year ended December 31, 2022 and December 31, 2021 (collectively, the "Annual Filings") no later than May 1, 2023. The Company intends to apply for the MCTO as an alternative to a general cease trade order.
As the result of a combination of (a) the departure of the Company's auditor; (b) the liquidity position of the Company; and (c) the time and attention of management required to settle the Proposal, the Company anticipates it will be unable to file the Annual Filings before the May 1, 2023 deadline.
The Company's management and team members intend to onboard a new auditor no later than May 15, 2023 and to diligently work to complete the Annual Filings no later than June 15, 2023. If granted, the MCTO will be in effect until the Annual Filings are filed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as the Annual Filings are outstanding.
About Veji Holdings Ltd.
The Company is a reporting issuer in Canada and is listed on the Canadian Securities Exchange under the symbol "VEJI" and on the OTC under the symbol "VEJIF".
For more information please visit VejiHoldings.com
ON BEHALF OF THE BOARD OF DIRECTORS:
Kory Zelickson
Director and CEO
For investor inquiries or further information, contact: ir@vejiholdings.com
No securities regulatory authority has either approved or disapproved of the contents of this news release.
THE CANADIAN SECURITIES EXCHANGE (THE "CSE") HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE CSE NOR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This release includes forward-looking information and forward-looking statements within the meaning of Canadian securities laws regarding VEJI and its business, including, without limitation, statements regarding the issuance of the Settlement Shares, the grant of a MCTO and the anticipated filing date for the Annual Filings. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of VEJI and are based on assumptions and subject to risks and uncertainties. Although the management of VEJI believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release may not occur by certain specified dates or at all and could differ materially as a result of VEJI's failure to receive approval of the Canadian Securities Exchange for the issuance of the Settlement Shares, failure to obtain the MCTO as well as the risk factors identified in VEJI's most recently filed management's discussion and analysis and in other publicly filed documents under VEJI's profile on SEDAR at www.sedar.com, as well as other unknown risks. Although VEJI has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and VEJI does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE: Veji Holdings Ltd.
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