TSXV:CLAS.H - Post by User
Post by
whisky11on May 05, 2022 7:29am
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Post# 34657785
@they need to spend money for phase 1
@they need to spend money for phase 1 SAN FRANCISCO, CA -- (MAY 4, 2022) – Claritas Pharmaceuticals, Inc. (TSX VENTURE EXCHANGE (“TSXV”) symbol: CLAS and OTC symbol: CLAZF) (the "Company" or "Claritas")
The Company expects to file the Annual Documents as soon as available on or before June 30, 2022.
annual audited financial statements for the fiscal year ending December 31, 2021, annual management discussion & analysis for the fiscal year ending December 31, 2021, and CEO & CFO certificates related to the foregoing (collectively, the “Annual Documents”) by the May 2, 2022 filing deadline. With the passing of the May 2, 2022 deadline, the Company is in default of the requirement to file the Annual Documents, which it expected as announced in its new release of April 29, 2022, and the MCTO
has been issued to address the matter.
The Company expects to file the Annual Documents on or before June 30, 2022.
announced that further to its news release of April 29, 2022 the British Columbia
Securities Commission (the “BCSC”), the Company’s principal regulator, has today issued a management cease trade order (“MCTO”) under National Policy 12-203 Management Cease Trade Orders that prevents the Company’s CEO and CFO from trading in the securities of the Company until after the Company’s Annual Documents have been filed and the BCSC revokes the MCTO.
The MCTO does not affect the ability of other shareholders to trade their securities.
As previously disclosed in the Company’s news release of April 29, 2022, the Company applied to
the BCSC for the MCTO, because it anticipated being unable to file its
Documents are filed, the Company intends to satisfy the provisions of the alternative information guidelines in accordance with National Policy 12-203 – Management Cease Trade Orders by issuing bi-monthly status reports in the form of news releases. The default has occurred due to delays in finishing the audit due to the scope and costs involved, and the Company is actively looking to address the matter through financing negotiations and working with its auditors. Please refer to the news release of April 29, 2022, which was the Company’s anticipated default notice, for background information regarding the filing default. This news release confirms that the anticipate filing default has occurred and the MCTO granted; all other information in the April 29,
2022 not changed by this news release remains current.
The MCTO will prevent the Company’s CEO and CFO from trading in the securities of the Company until the default in relation to the MCTO has been addressed, allowing the Company time to address the anticipated default while not interrupting the regular activities of public
shareholders and other securityholders of the Company.