EXMceuticals Granted Management Cease Trade Order
VANCOUVER, British Columbia, Oct. 29, 2019 (GLOBE NEWSWIRE) — EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”) announces that its principal regulator, the British Columbia Securities Commission, has accepted the Company’s request for, and has granted, a management cease trade order (the “MCTO”). As previously announced on October 23, 2019, the application for the MCTO was made by the Company due to a delay in filing its annual audited financial statements for the year ended June 30, 2019, the accompanying management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Filings”).
During the period in which the MCTO is effective, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Chief Executive Officer and the Chief Financial Officer of the Company will not be able to trade the Company’s shares until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted.As previously announced, the Company requires additional time to file its annual financial statements and MD&A for the financial year ended June 30, 2019 due to this being the first annual financial statements of the consolidated company following an RTO and additional time is required to complete the review and procedures. As a result, the Company concluded that it would not be able in a position to complete the year-end audit within the time periods required by National Instrument 51-102. The Company currently anticipates that it will be in a position to file the Annual Filings on or before December 27, 2019.The Company intends to comply with the provisions of the alternative information guidelines set out in National Policy 12-203 until the revocation of the MCTO, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release.ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.Michel Passebon, Chief Executive Officer and DirectorFor further information contact:
Email: [email protected]Media Enquiries:
Email: [email protected]
Europe – Jane Glover: +44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734FOR MORE UPDATES ON THE COMPANYFollow us on Twitter: https://twitter.com/EXMceuticals
Follow us on LinkedIn: https://www.linkedin.com/company/exmceuticals/Neither the CSE nor the FSE has approved nor disapproved the contents of this news release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, the Company’s intent to file the Annual Filings and the revocation of the MCTO. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.