Montreal, Quebec--(Newsfile Corp. - June 1, 2023) - Mobi724 Global Solutions Inc. (TSXV: MOS) ("Mobi724" or the "Company"), a fintech enabler of AI-powered payment card-linked solutions, announces that further to its news release dated May 2, 2023, the Autorité des Marchés Financiers ("AMF"), the Company`s principal regulator, issued a management cease trade order ("MCTO") dated May 2, 2023 in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
The Company applied for a MCTO in anticipation of missing its filing deadlines of April 30, 2023, to file the annual audited financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the period ended December 31, 2022 (collectively, the "Annual Filings") as required under applicable Canadian securities laws. The delay was caused as a result of the Company's former auditor not renewing its mandate and due to the long process of finding a replacement.
On May 8th, 2023, the new auditor firm MNP LLP has accepted the audit mandate and is currently in the process of carrying out the audit and is allocating the necessary resources to complete the review of the Company, during the period ended December 31, 2022.
The Company expects to file the Annual Filings as soon as they are available, but in any event no later than June 30, 2023, and will issue a news release once the Annual Filings have been filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed. Since the issuance of the default announcement on May 2nd, 2023 and the status report filed via press release on May 17th, 2023 there has not been any material change to the information provided therein, nor has there been any failure by the Company in fulfilling its stated intentions with respect to satisfying the alternative information guidelines.
During the MCTO, the general investing public will continue to be able to trade in the Company's Common Shares listed on the TSX Venture Exchange. However, the Company's Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Technology Officer and all the directors will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of April 30, 2023, being the date of the Company's continuous disclosure default.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSXV: MOS) is an AI powered fintech company which provides a platform, that enables banks and merchants to offer their customers real-time payment card-linked incentives, in a white-label format. Mobi724's objective is to add a layer of AI-driven actionable intelligence to every payment transaction, creating engaging consumer experiences & generating incremental commercial opportunities to its clients. Learn more at mobi724.com.
Legal Disclaimer
Mobi724 cautions investors that any forward-looking statements or projections made by Mobi724 are subject to risks and uncertainties, that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under Item 'Risk Factors and Uncertainties' in the Company's Management Discussion and Analysis, available on SEDAR. Any forward-looking statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Mobi724 cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Mobi724's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Mobi724 undertakes no obligation to publicly update or revise any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE DOES NOT CONSTITUTE A SOLICITATION TO BUY OR SELL ANY SECURITIES IN THE UNITED STATES AND IS NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Investor Relations:
For further information, please visit www.MOBI724.com or contact:
Marcel Vienneau, CEO
Mobi724 Global Solutions Inc.
T: 514-394-5200 ir@mobi724.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168417
