Montreal, Quebec--(Newsfile Corp. - June 30, 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.
Marcel Vienneau, the CEO of the Company, said: "Despite all the efforts exerted by the Company to find a new auditor and due to the known lack of resources which many auditing firms are experiencing in this economy, it took 5 months to find a new auditor." On May 8th, 2023, the new auditor firm MNP LLP accepted the audit mandate and began the process of carrying out the audit and allocated the necessary resources to complete the review of the Company, during the period ended December 31, 2022.
The Company announced on June 15, 2023, that the auditors would not be able to finish the audit and that the Company will not be in a position to file the Annual Filings by June 30, 2023, as was endeavored within the MCTO order.
As a result, a general cease trade order ("CTO") has been issued by the Canadian Securities Administrators (AMF being the principal regulator) and the Canadian Investment Regulatory Organization ("CIRO") has halted the Company stock. The Company reassures its shareholders, investors and the general public that the cause of the CTO is strictly due to the delay in engaging a new auditor and the available resources allocated to the audit by the auditors. The Company is continuing to operate in the normal course of business and fulfilling its commercial contracts and obligations. The Company intends to immediately apply for a revocation of CTO as soon as the Annual Filings are duly filed.
About Mobi724 Global Solutions Inc.
Every Transaction is An Opportunity
Mobi724 Global Solutions Inc. (TSX-V: 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/172107
