MOLECULE HOLDINGS INC. PROVIDES BI-WEEKLY MCTO STATUS UPDATE
Molecule Holdings Inc. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).
As previously announced on February 10, 2023 and February 28, 2023 (together, the "Default Announcement"), the Company applied for a management cease trade order ("MCTO") from the Ontario Securities Commission (the "OSC") due to an expected delay in filing the Company's annual financial statements (the "2022 Annual Financial Statements"), management's discussion and analysis and related officer certifications for the financial year ended October 31, 2022 (collectively, the "Annual Filings"). The MCTO was granted by the OSC on March 1, 2023, and the Company continues to work closely with its auditor and expects to file the Annual Filings as soon as possible, and in any event no later than April 28, 2023.
The MCTO prohibits the Company's Chief Executive Officer, Chief Financial Officer, and such other directors, officers and persons as determined by the applicable regulatory authorities, from trading in the common shares in the capital of the Company (the "Common Shares"). The Company will also not be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. The MCTO does not affect the ability of any other shareholders of the Company to trade Common Shares.
The Company confirms that: (i) there are no changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203. The Company anticipates it will be delayed in filing its unaudited interim financial statements for the three months ended January 31, 2023, the management's discussion and analysis for the same period, and management certifications of interim filings (collectively, the "Q1 Interim Filings") beyond the filing deadline of April 3, 2023. The Company is working to complete the Q1 Interim Filings and currently anticipates it will file the Q1 Interim Filings concurrently with the Annual Filings. Other than the delay in filing the Q1 Interim Filings, no such other default is anticipated; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO will stay in effect until the Annual Filings are completed and the Company will continue to issue bi-weekly default status reports as required.
rrMOLECULE HOLDINGS INC. PROVIDES BI-WEEKLY MCTO STATUS UPDATE
Molecule Holdings Inc. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 (Management Cease Trade Orders).
As previously announced on February 10, 2023 and February 28, 2023 (together, the "Default Announcement"), the Company applied for a management cease trade order ("MCTO") from the Ontario Securities Commission (the "OSC") due to an expected delay in filing the Company's annual financial statements (the "2022 Annual Financial Statements"), management's discussion and analysis and related officer certifications for the financial year ended October 31, 2022 (collectively, the "Annual Filings"). The MCTO was granted by the OSC on March 1, 2023, and the Company continues to work closely with its auditor and expects to file the Annual Filings as soon as possible, and in any event no later than April 28, 2023.
The MCTO prohibits the Company's Chief Executive Officer, Chief Financial Officer, and such other directors, officers and persons as determined by the applicable regulatory authorities, from trading in the common shares in the capital of the Company (the "Common Shares"). The Company will also not be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company until such time as the Annual Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. The MCTO does not affect the ability of any other shareholders of the Company to trade Common Shares.
The Company confirms that: (i) there are no changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Filings is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203. The Company anticipates it will be delayed in filing its unaudited interim financial statements for the three months ended January 31, 2023, the management's discussion and analysis for the same period, and management certifications of interim filings (collectively, the "Q1 Interim Filings") beyond the filing deadline of April 3, 2023. The Company is working to complete the Q1 Interim Filings and currently anticipates it will file the Q1 Interim Filings concurrently with the Annual Filings. Other than the delay in filing the Q1 Interim Filings, no such other default is anticipated; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
The MCTO will stay in effect until the Annual Filings are completed and the Company will continue to issue bi-weekly default status reports as required.