DMG Blockchain Solutions Announces Delay of Annual Filings and Application for a Management Cease Trade Order – QNT Press Release


VANCOUVER, British Columbia, Jan. 26, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSXV:DMGI) (OTC:DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and cryptocurrency technology company, announces that it has been advised by its external auditors (the “Auditors”) that they will require additional time to complete its internal review and audit procedures for the Company’s financial year ended September 30, 2021. As a result, the Company will not be able to file its audited annual financial statements for the year ended September 30, 2021 and related management’s discussion and analysis (collectively , the “2021 Annual Financial Statements”), and the CEO and CFO certifications to be delivered in respect of the 2021 Annual Financial Statements (the “Certifications”) by the filing deadline of January 28, 2022 as required under applicable Canadian securities laws.

The Company also announces that it will be making an application to the British Columbia Securities Commission (“BCSC”), the Company’s principal securities regulator in Canada, under National Policy 12-203 of the Canadian Securities Administrators (“NP 12-203”) requesting that a management cease trade order (“MCTO”) be granted in respect of the late filing of the 2021 Annual Financial Statements and related Certifications. There is no guarantee that a MCTO will be granted. However, if a MCTO is granted, the Company will work with the Auditors and dedicate appropriate resources to promptly finalize the 2021 Annual Financial Statements and the related Certifications, so the 2021 Annual Financial Statements and related Certificates can be filed on or before the expiry of the MCTO.

Further, if a MCTO is granted, the Company’s senior officers and other insiders will not be able to trade the Company’s securities while the MCTO is in effect, and the Company will be required to comply with the provisions of the alternative information guidelines as set out in NP 12-203 for so long as the MCTO remains in effect, including the issuance of bi-weekly default status reports by way of press releases. The Company is not currently subject to any insolvency proceedings. If the Company provides any material information to any of its creditors during the period in which the MCTO is in effect, the Company will also be required to file a material change report under its profile on SEDAR (www.sedar.com) containing such information.

If a MCTO is granted but the Company is unable to file the 2021 Annual Financial Statements and related Certifications prior to the expiry of the MCTO, it is anticipated that the BCSC will issue a general “failure to file” cease trade order prohibiting the trading by any person of any securities of the Company, including trades in the Company’s common shares made through the TSX Venture Exchange, which would take effect shortly after the expiry of the MCTO and would remain in place until such time as the 2021 Annual Financial Statements and related Certifications have been filed.

The Company will make further announcements with respect to the status of the 2021 Annual Financial Statements and related Certifications as and when appropriate.

About DMG Blockchain Solutions…

Full story available on Benzinga.com



Source link

Recommended For You

About the Author: News Center