CEASE TRADE ORDER NUTRITIONAL HIGH ANNOUNCES APPLICATION FOR MANAGEMENT CEASE TRADE ORDER
Nutritional High International Inc. has made an application to the Ontario Securities Commission to approve a temporary management cease trade order (MCTO) under National Policy 12-203 -- Management Cease Trade Orders, which, if granted, will prohibit trading in securities of the company by its chief executive officer, chief financial officer and certain other insiders of the company, whether direct or indirect, so long as the 2020 filings (as defined below) remain outstanding. The issuance of an MCTO would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the company to trade in the company's securities.
In discussion with its auditors, the company has determined that it is not able to meet the Nov. 30, 2020, filing deadline for its audited financial statements for the year ended July 31, 2020, the management's discussion and analysis and the related CEO and CFO certification relating to the 2020 financial statements. Although the audit process is progressing, the auditors anticipate some delays in completing the audit process, such that the company is not able to meet the filing deadline for the 2020 filings.
Although the company remains confident in its ability to complete the 2020 filings, it requires an extension and has therefore applied for an MCTO. In particular, the company is coordinating with its auditors to set up a realistic timetable with specific tasks to be completed on a daily basis. The company will use its best efforts to complete the process within this timeline. The company anticipates that, subject to current conditions remaining the same, it will require approximately three additional weeks to complete the audit review process and in either event will use its best efforts to complete the process within the next two months.
The company intends to satisfy the provisions of the alternative information guidelines set out in Section 9 and Section 10 of NP 12-203 so long as the 2020 filings are outstanding.
About Nutritional High International Inc.