May 4, 2023 [crocon media – msteph] On April 28, 2023, Pontus Protein Ltd. (TSXV: HULK, OTCQB: HLKKF, FSE: 8YC), a Vancouver-based company, provided an update regarding its previously announced management cease trade order (MCTO), which was granted by the British Columbia Securities Commission (BCSC) under National Policy 12-203 – Management Cease Trade Orders (NP 12-203). As a result of the MCTO, the company’s CEO, Avtar Dhaliwal, and CFO, Andy Wu, are prohibited from trading securities of the company until Pontus files its annual audited financial statements, annual management’s discussion and analysis, and related certifications for the year ended November 30, 2022 (collectively referred to as the “Required Documents”) and the MCTO is revoked by the BCSC. The MCTO does not affect the trading abilities of other shareholders.
Pontus has not yet filed the Required Documents but is working diligently with its auditors to file them as soon as possible. The delay in filing the Required Documents is attributed to the sale of the company’s Aquaponics business and recent changes in both the management and the auditors of the company.
The company has confirmed its intention to comply with the provisions of NP 12-203 and issue bi-weekly default status reports as long as it remains in default of the financial statement filing requirement. These reports will contain any material changes to the information in this release, all actions taken by Pontus to remedy the default, particulars of any failure by the company to fulfill these provisions, any subsequent defaults of Pontus requiring a default announcement, and any other material information concerning the company’s affairs not previously disclosed.
While Pontus is working to resolve the delay in filing the Required Documents, investors should approach the situation with cautious optimism, taking into consideration the potential impact of the sale of the Aquaponics business and changes in management and auditors on the company’s financial position.
crocon media is owned by the sillc assembly. This site is for entertainment purposes only. The owner of this site is not an investment advisor, financial planner, nor legal or tax professional and articles here are of an opinion and general nature and should not be relied upon for individual circumstances.
Editorial Disclosure: The editorial content on this page is not provided by any entity mentioned herein. Opinions expressed here are the author’s alone, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Disclaimer: The author(s) of this article may hold a position in the mentioned stock. The information provided in this article should not be considered financial advice, and readers should always do their own research before making investment decisions. However, as with any investment, there are potential risks and uncertainties to consider, such as potential regulatory changes, market volatility, and competition from other players in the industry. It is important for investors to carefully monitor this stock and its performance over time to make informed decisions about their investments.
Investment Warning: Investors should exercise caution when considering investments in companies that are experiencing delays in the filing of their financial statements, as well as changes in management and auditors. These factors may potentially introduce uncertainties and affect the company’s financial performance and stability. It is advisable for investors to conduct thorough research and seek professional advice before making investment decisions in such situations, ensuring they are well-informed about potential risks and rewards associated with the investment.