NextGen Food Robotics Corp. Provides Second Bi-Weekly MCTO Status Update
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VANCOUVER, BC, Sept. 12, 2024 (GLOBE NEWSWIRE) -- NextGen Food Robotics Corp. (the “Company”) (CBOE: NGRB; OTC Pink: NGRBF; Frankfurt: O83) is providing the second bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
On August 13, 2024, the Company announced that it applied for a management cease trade order ("MCTO") with the British Columbia Securities Commission ("BCSC") in connection with the delay in filing of its audited annual financial statements for the year ended April 30, 2024, related management discussion and analysis, CEO and CFO certificates and annual information form for the fiscal year ended April 30, 2024 (collectively, the "Required Documents") by the prescribed filing deadline (the "Original Announcement"). At that time, based on information then-available, the Company expected to file the Required Documents by August 31, 2024. The MCTO was issued on July 30, 2024 and restricts its Chief Executive Officer and Chief Financial Officer from trading in securities of the Company, whether direct or indirect, until the Company files the Required Documents and the BCSC revokes the MCTO. On August 27, 2024, in its first bi-weekly status update, the Company announced that it expected to file the Required Documents by September 16, 2024.
As of today’s date, the Company now expects that the Required Documents will be filed by September 27, 2024. The additional delay is a result of the Company’s auditors’ requirement that they be provided with certain financial information by a third-party service provider to the Company. Specifically, the Company’s auditor wishes to receive a detailed report of expenditures incurred directly by the third party in connection with services it rendered to the Company. The Company does not have access to such information, nor is it able to compel the third party to provide such information to its auditor. The Company continues to work through this issue.
The Company confirms that since the date of the Original Announcement: (i) other than as described above and in its first bi-weekly status update, there have been no changes to the information set out in the Original Announcement that would be expected to be material to an investor; (ii) there has been no failure by the Company 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 Company under NP 12-203, and, no such other default is anticipated; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.