CBD Global Issues Second Bi-Weekly Status Report Regarding Management Cease Trade OrderMay 28, 2021
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CBD Global Sciences Inc. further to its press releases dated May 14, 2021, and May 28, 2021 provides this third bi-weekly default status report in accordance with National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”). In the Corporation’s initial default announcement of April 14, 2021 (the “Default Notice”), the Corporation announced the delay in the filing of its audited annual financial statements for the year ended December 31, 2020 (the “Annual Financial Statements”) and related management’s discussion and analysis and CEO and CFO certifications (collectively, the “Annual Filings”) by the prescribed filing deadline.
As previously announced in the Corporation’s press releases, the Corporation applied for and was granted a management cease trade order in respect of the delayed Annual Filings (the “MCTO”) by the Alberta Securities Commission. The MCTO prohibits the chief executive officer and the chief financial officer from trading in the Corporation’s securities for so long as there are filings that are outstanding under applicable securities laws. The MCTO does not affect the ability of the general investing public to trade in the Corporation’s listed common shares.
The audit of the Annual Financial Statements is in progress and the Corporation expects to file the Annual Filings on or before June 30, 2021, which is the date that the Alberta Securities Commission has indicated that the MCTO will stay in effect until.
The Corporation confirms that since the Default Notice: (i) there is no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Corporation in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Corporation under NP 12-203; and (iv) there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
Furthermore, the Corporation anticipates that its interim financial statements for the three months ended March 31, 2021, the accompanying management’s discussion and analysis and the related CEO and CFO certifications will not be filed by the prescribed filing deadline and will be filed after the Annual Filings are completed and filed.
The Corporation will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the filing requirements set out above.