YOUR Cease Trade Order YourWay Cannabis Brands Inc. Applies for Management Cease Trade Order
VANCOUVER, BC, April 29, 2022 /CNW/ - YourWay Cannabis Brands Inc. (CSE: YOUR) (the "Company") announced today that it anticipates delays in filing its audited annual financial statements for the year ended December 31, 2021 (the "Annual Financial Statements"), the related management's discussion and analysis and CEO and CFO certifications (collectively, the "Annual Filings") due to a combination of factors, including (i) the complexity associated with a change of the Company's auditors which took effect on December 6, 2021; and (ii) changes in the personnel of the Company requiring additional time to support the auditors. The Company will work with its auditors to complete the audit of the Annual Financial Statements and anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the process of preparing the Annual Filings and in any event will use its best efforts to complete the process within the next two months.
As a result of the anticipated delay in filing the Annual Filings, the Company has applied to the British Columbia Securities Commission to request a management cease trade order (the "MCTO") be issued in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
During the period in which the MCTO is in effect, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, for the duration of the MCTO, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's common shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of May 2, 2022, being the date of the Company's anticipated continuous disclosure default. The Company has also imposed an insider trading blackout pending filing of the Annual Filings. The Company confirms that it will comply with the alternative information guidelines set forth in NP 12-203 for so long as it remains in default of the requirement to file the Annual Filings. The Company is not subject to any insolvency proceedings. The MCTO will remain in effect until the Company files the Annual Filings or the MCTO is otherwise revoked or varied.