Cease Trade OrderIt's over. The aditors won't sign off on the the last two years of financials and that explains the CFO resigination.
Aquarius AI Inc. Announces That It Anticipates a Temporary Delay in the Filing of Financial Statements and Application for Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - Aquarius AI Inc. (CSE: AQUA) ("AQUA" or the "Company"), announces that it has missed the deadline of May 2, 2022 to file the Company's audited annual financial statements and management discussion & analysis for the financial years ended December 31, 2021 and 2020, and the CEO and CFO certificates, all as required by National Instrument 51-102 - Continuous Disclosure Obligations and National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Documents").
The delay is due to the Company's auditors requiring additional time to complete their audit of the annual financial statements for the financial years ended December 31, 2021 and 2020. Accordingly, the Company has informed the British Columbia Securities Commission ("BCSC") of its delay in filing the Documents and has applied for and received a Management Cease Trade Order ("MCTO") from the BCSC pursuant to Part 4 of National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), pending the filing of the Documents, which MCTO prohibits the Company's management from trading in the securities of the Company until such time as the Documents are filed.
During the period of default and until the filing of the Documents, the Company intends to satisfy the provisions of the "alternative information guidelines" as set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information. The Company intends to work diligently and expeditiously with its auditors and expects to file the Documents by June 15, 2022.
Until the Company has filed the Documents, members of the Company's management and other insiders are subject to an insider trading black-out. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company's latest interim financial report.
The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will also file material change reports on SEDAR containing such information as is required.