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DGTL Holdings Inc. (TSXV: DGTL) (OTCQB: DGTHF) (FSE: D0G) (WKN: A2QB0L) ("DGTL" or the "Company") today announced that it will not meet the filing date for filing of the following continuous disclosure documents (collectively, the "Documents"):
- the Company's Annual Audited Financial Statements for the year ended May 31, 2021, as required by Part 4 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"); and
- the Company's Management Discussion & Analysis for the year ended May 31, 2021, as required by Part 5 of NI 51-102.
The default is due, in part, to the integration of its wholly-owned subsidiary, Hashoff LLC, the complexity of the acquisition transaction, and various delays and cross border travel restrictions caused by Covid-19 which collectively resulted in the Company not having adequate time and resources available to complete the audit in the allotted time. The Company is working with its auditor, Baker Tilly WM LLP, to complete the audit in a timely manner.
Accordingly, the Company has applied to the Ontario Securities Commission for a Management Cease Trade Order that will prohibit the management of the Company from trading in the securities of the Company until such time as the Documents are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Ontario Securities Commission may grant the application and issue the Management Cease Trade Order or it may impose an issuer cease trade order if the Documents are not filed in a timely fashion. During the period of default and until filing of the Documents, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 - Management Cease Trade Orders. Until the Company has filed the Documents, members of the Company's management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on April 29, 2021 of the Company's latest interim financial reports for the period ended February 28, 2021.
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For more information, visit https://dgtlinc.com or contact:
Investor Relations
Email: IR@dgtlinc.com
Phone: +1 (877) 879-3485
DGTL Holdings Inc. acquires and accelerates innovative and disruptive digital media and advertising technology companies, powered by Artificial Intelligence. DGTL (i.e. Digital Growth Technologies and Licensing) specializes in accelerating fully commercialized enterprise level SaaS (software-as-a-service) companies via a blend of unique capitalization structures. DGTL Holdings Inc. trades its common shares on the TSX Venture exchange under the symbol "DGTL".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/97534
