FROM THE HORSE'S MOUTH...Directly from this morning, AMF statements about PYR:
The AMF issued an order on Thursday suspending the private placement of units worth several million dollars announced by PyroGense on February 14, for a period of 15 days.
The AMF maintains that PyroGense does not meet all the requirements necessary to complete the financing, namely to have the funds necessary to achieve its business objectives and meet its liquidity needs for a period of 12 months.
PyroGense's financial statements raise "reasonable doubts" at the AMF regarding the solidity of the company's financial foundations.
The regulator points to “numerous weaknesses” in internal control over financial reporting.
"Some of these weaknesses are reflected in the financial information obtained, in particular by the significant variations in the items presented in the different versions of the summary of forecast cash flows",
can be read in the decision sent to the company at the end of the Wednesday by the AMF.
AMF staff noted, for example, that cash flow from operating activities is negative
"significantly, which demonstrates short-term cash flow problems",
and that the provision for expected credit losses recognized in the interim financial statements is
"understated".
Tks to Google translation from La Presse article :
https://www.lapresse.ca/affaires/entreprises/2023-02-23/l-amf-force-pyrogenese-a-interrompre-une-operation-de-financement.php
QUESTION:
Would you buy " disruptive" technologies" like Ti powder for your flagship plane, from a company under investigation by the AMF, since 2019, according to La Presse ?
Do your DD. Talk to independant technical and financial experts.
GLTA