Toronto, Ontario--(Newsfile Corp. - November 4, 2024) - Deepspatial Inc. (CSE: DSAI) (OTCQB: DSAIF) ("Deepspatial" or the "Company"), an impact-driven leader inGeospatial Artificial Intelligence ("GeoAI") technology, today announced that the Ontario Securities Commission (the "OSC") issued a failure-to-file cease trade order (the "FFCTO") to the Company on November 1, 2024.
The FFCTO is a result of the Company's failure to file its audited annual financial statements (the "Annual Financial Statements"), management discussion and analysis ("MD&A") and certificates of the Chief Executive Officer and Chief Financial Officer (collectively, the "Annual Documents") for the year ended June 30, 2024.
The FFCTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's securities made through the Canadian Securities Exchange (CSE), for as long as the FFCTO remains in effect.
The FFCTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of November 1, 2024) insiders or control persons of the Company and who sell securities of the Company acquired before November 1, 2024 if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization; and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
Additional time is needed to complete the audit due to the additional complexities associated with filing the Annual Documents this year. The Company intends to file the Annual Documents as soon as possible and will provide updates as further information becomes available.
About Deepspatial Inc.
Deepspatial Inc. (CSE: DSAI) (OTCQB: DSAIF ) is a leading GeoAI technology company dedicated to creating socially impactful, data-driven solutions. Committed to driving positive change, Deepspatial harnesses advanced AI insights to empower communities and support sustainable development. As an impact-driven, outcome-based AI company, Deepspatial enables organizations to enhance decisionmaking capabilities through data and AI. From optimizing supply chain routes to guiding strategic development locations, Deepspatial's AI-powered platform provides clients with tools to visualize current trends, forecast future developments, analyze data, and streamline processes-ultimately enabling smarter decisions for a more sustainable future.
For more information, visit www.Deepspatial.ai and follow us on Twitter, Instagram, or LinkedIn.
Caution regarding Forward Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.
Media Contact Organization:
Deepspatial Inc.
Name: Saurabh Tyagi
Website: https://www.deepspatial.ai/
Email: saurabh@deepspatial.ai
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