(TheNewswire)
MONTREAL, QUEBEC – TheNewswire – March 7, 2023 -- Tetra Bio-Pharma Inc. ("Tetra" or the "Company") (TSX:TBP) (OTC:TBPMF) (FRA:JAM1), a leader in cannabinoid-derived drug discovery and development announces that further to its press release dated March 1, 2023, the Ontario Securities Commission (OSC) notified the Company that the Company’s application for a management cease trade order (MCTO) has been denied. The OSC has issued a failure-to-file cease trade order (FFCTO) against the Company which orders that general trading, whether direct or indirect, by any person, of the securities of the Company cease, which includes trading of the shares of the Company on the Canadian Securities Exchange. The FFCTO has been issued against the Company for failure to file its audited annual financial statements for the year ended November 30, 2022, and accompanying management’s discussion and analysis (MD&A) on or before February 28, 2023.
In the March 1 news release, the Company announced it was now working with McGovern Hurley LLP. The Company would like to clarify that its management and board of directors are working expeditiously to finalize an agreement with McGovern Hurley LLP to ensure the completion of the audit and filing of the Audited Financial Statements before the end of April 2023. The Company will provide an update once the audit has begun and a target date for filing is determined.
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 of this press release. The Company expects the FFCTO to remain in place until such time as the Annual Financial Statements have been filed and the FFCTO is revoked.