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CoinAnalyst Corp. (CSE: COYX) (FSE: 1EO) (the "Corporation") announces that it has made an application to the British Columbia Securities Commission to approve a temporary management cease trade order (the "MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 21-203"), which, if granted, will prohibit trading in securities of the Corporation by the chief executive officer and chief financial officer of the Corporation until such time as the Required Filings (as defined below) and all continuous disclosure requirements have been filed by the Corporation, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Corporation, will continue to be able to trade in the Corporation's listed securities. The MCTO application has been made, but there is no guarantee or assurance that the MCTO will be granted.
The Corporation expects it will be unable to file its audited financial statements for the year ended December 31, 2021, and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the May 2, 2022 filing deadline (the "Filing Deadline").
The reasons for the default in filing of the Required Filings prior to the Filing Deadline is due to a combination of factors, including that the Corporation became aware that the prior auditor will not able to take on mandate late following which the Corporation initiated immediate search for a new auditor, which took longer than expected as auditors are increasingly hesitant to take on crypto mandates, the hiring and onboarding of new auditor, and delays in audit of the new auditor as it needed to undergo additional procedures.
The Corporation anticipates that it will be in a position to remedy the default by filing the Required Filings on or before July 2, 2022. The MCTO will be in effect until the Required Filings are completed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
For more information, please contact:
Andrew Sazama
Chief Operating Officer and Director
Email: contact@coinanalyst.tech
Phone: + 49 69 2648485 - 20
Forward-Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the annual audited financial statements and related management's discussion and analysis for the year ended December 31, 2021. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121782
