CubicFarm® Systems Corp., an agricultural technology company, announces that the British Columbia Securities Commission, as its principal regulator, has issued a cease and desist order for failure to file documents pursuant to Multilateral Instrument 11-103 – Failure to File Multijurisdictional Cease and Desist Orders, prohibiting any person or firm in Canada from trading in or purchasing the securities of the Company, including trading in its common shares on the TSX Venture Exchange, except under the following conditions, and for as long as the FFCTO order remains in effect:
A beneficial security holder who is not, and was not, an insider or control person of the Company as of the date of the FFCTO may sell securities of the Company acquired prior to July 15, 2024 provided that both of the following apply: (a) the sale is made through a “foreign organized regulated market” as defined in Section 1.1 of the Canadian Investment Regulatory Organization’s Universal Market Integrity Rules; and (b) the sale is made through an investment dealer registered under applicable securities legislation in a Canadian jurisdiction.
The FFCTO was issued due to the delay in filing CubicFarm® Systems Corp.’s audited financial statements for the fiscal year ended December 31, 2023, related management’s discussion and analysis and annual information form for the fiscal year ended December 31, 2023, and related documents (the “Required Annual Documents”), and the Company’s interim financial statements for the three months ended March 31, 2024, related management’s discussion and analysis and annual information form for the three months ended March 31, 2024, and related documents (the “Required Interim Documents” and together with the Required Annual Documents, the “Required Documents”).
Pursuant to National Instrument 51-102 – Continuous Disclosure Obligations, required annual filings were required to be made no later than April 29, 2024, and required interim filings were required to be made no later than May 30, 2024.
Previously, the BCSC issued a management order to cease trading on April 30, 2024, which was revoked and replaced by the FFCTO on July 15, 2024.
The Company is working diligently with its auditors to facilitate the completion of the required filings and expects to file the required annual filings by July 26, 2024. It will provide updates as more information regarding the required documents becomes available and as necessary.
Source: cubicfarms.com
