Delic Holdings receives management cease trade order

THE LARGEST PROFITABLE CHAIN OF PSYCHEDELICS CLINICS IN THE U.S. WITH 13 LOCATIONS ACROSS NINE STATES AND 15 MORE IN THE NEXT 18 MONTHS. $9,000,000 + REVENUE RUN RATE & EBITDA POSITIVE

The Delic Umbrella Of Related Businesses Create A Self-Sustaining Ecosystem That Will Drive Clinics Growth

Reply New Message

Prev Message Back To Forum Threaded View Next Message

AGORACOM-BM

Rank: Administrator [?]

Points: 22245 [?]

Votes: 3 Score: 5.0 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

Delic Holdings receives management cease trade order

posted on May 03, 2023 08:09PM

Delic Holdings Corp (C:DELC)
Shares Issued 73,126,930
Last Close 5/3/2023 $0.01
Wednesday May 3 2023 - News Release

An anonymous director reports

DELIC HOLDINGS CORP. ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS, MD&A AND MANAGEMENT CEASE TRADE ORDER

As a result of delays to Delic Holdings Corp.'s audit, the company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended Dec. 31, 2022, were not finalized prior to May 1, 2023, being the date that such filings are due under applicable Canadian securities law requirements. The company received a management cease trade order (the MCTO) by the British Columbia Securities Commission on May 3, 2023.

The reason for the anticipated delay is due to the complexity of the valuation process and accounting of one of the acquisitions completed by the company in the fiscal year and enhanced quality controls by the issuer's auditor. The auditors have requested more time for partner and consultant review as part of those enhanced measures. The company is working with its auditor to complete the audit in a timely manner.

The company currently expects to file the annual filings on or before May 15, 2023, and will issue a news release announcing completion of such filings at such time. Until the company files the annual filings, it will comply with the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the company to issue biweekly default status reports by way of a news release so long as the annual filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the company's listed shares. However, the company's chief executive office and chief financial officer will not be able to trade in the company's shares listed on the Canadian Securities Exchange.

We seek Safe Harbor.

Reply New Message

Prev Message Back To Forum Threaded View Next Message

Please to post a reply