Management CEASE TRADE orderWith this latest news release I don't care how good CBM's fundamentales are! (& they ARE good)
Something stinks. And I will not add my hard earned cash to (hopefully not) bad.
Today 915 500 shares were sold into the bid, now .015, and that is a big red flag.
Quarterly and annual financial statements are such a basic requirement that this happening
now is a real concern for me. (I hope it's just a hangover of past incompetence)
I think that I'm stating the obvious, but reading most posts here since this news has me shaking my head. I appreciate some of the number cruching I've read here, BUT if this order is put into efect this play could be dead money for months.
New experienced mgmt, financing & a real timeline for revenue. Now this!
When this is resolved I'll add. GLTA We need it.
The purpose of the CTO Database is twofold: provide stakeholders with a publicly searchable database containing all Orders issued by participating CSA members, regardless of whether their effect is temporary or indefinite, and disseminate such Orders to its subscribers.
There are two categories of Orders:
- Orders that ban trading in securities of a reporting issuer or a non-reporting issuer, regardless of whether the Order resulted from a continuous disclosure default, an enforcement action or other, and;
- Orders that ban trading by certain individuals and/or companies, regardless of whether the Order resulted from a continuous disclosure default of the issuer (such as a management cease trade order), an enforcement action or other.
Some Orders may fall under both categories, in which circumstance, they will appear in both categories.
This categorization is intended as a tool to simplify the classification of Orders and enhance search results. However, it remains the obligation of users to conduct the necessary due diligence before trading to determine whether or not a specific trade can be executed. As such, we cannot overstate the importance of reading all decisions to fully understand their scope.
Who issues cease trade orders and why?
Securities regulatory authorities have sole authority to issue CTOs. The securities regulatory authorities and tribunals oversee securities regulation in their respective provinces or territories and require publicly traded companies to disclose material information to the public as soon as possible. For example, publicly traded companies must file copies of quarterly and annual financial statements and management's discussion and analysis (MD&A) with provincial and territorial securities regulatory authorities, and must also send this information to shareholders, on request. Companies must also disclose material events or developments - such as takeover bids and merger and acquisitions, which may affect the value of the company's shares. When a company fails to do so, a CTO banning trading in the securities of the company or banning certain individuals and/or companies from trading in securities of the company may be issued.