RE:RE:Nr Just relased !!!VANCOUVER, BC, October 26, 2023, Fobi AI Inc. (FOBI:TSXV) (FOBIF:OTCQB) (the "Company" or "Fobi"), an industry leader in harnessing AI and data intelligence to enable digital transformation, announces that it has proactively applied for a voluntary management cease trade order (the “MCTO”) with the British Columbia Securities Commission, as a result of certain factors beyond the Company’s control, which will cause delays to the filing of the Company’s annual financial statements and accompanying management’s discussion and analysis for the fiscal year ended June 30, 2023 (the “Required Filings”). The MCTO only restricts the Chief Executive Officer and Chief Financial Officer of the Company from all trading in securities of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.
The delay in the Required Filings is a result of an ongoing remediation process by the Company’s prior auditors relating to the audit of the Company for the financial year ended June 30, 2022, which they previously completed, as well as the ongoing current year audit. The Company is working diligently with the previous auditors to resolve their matter as quickly as possible and with the current auditors to complete and finalize the audit of the June 30, 2023, financial statements.
Rob Anson, CEO of Fobi AI, states: “Our business is growing and has expanded its operations globally, which has brought about certain complexities. After careful consideration, we have made the decision to file a voluntary MCTO (Management Cease Trade Order) and take proactive measures to safeguard the liquidity of our stock. We view this as a responsible and proactive step towards ensuring transparency, compliance, and protecting the interests of our shareholders with regard to the liquidity of our stock.”
The Company expects to file the Required Filings before November 30, 2023. Until the Company files the Required Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release until such time as the Required Filings have been filed.