Toronto, Ontario–(Newsfile Corp. – May 4, 2022) – CoinAnalyst Corp. (CSE: COYX) (FSE: 1EO) (the “Corporation“) announces that, further to its April 26, 2022 news release, its application for a temporary management cease trade order (the “MCTO“) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) has been approved by the British Columbia Securities Commission (the “BCSC“). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Corporation.
The Corporation announced on April 26, 2022 (the “Default Announcement“) that it was filing an application seeking a MCTO from the BCSC because it was likely to miss its filing deadline of May 2, 2022 to file its audited annual financial statements for the year ended December 31, 2021, and accompanying management’s discussion and analysis, and related certifications (collectively, the “Documents“), as required under the applicable securities laws. The inability to file the Documents is due a combination of factors, including that the Corporation became aware that the prior auditor will not able to take on mandate late following which the Corporation initiated immediate search for a new auditor, which took longer than expected as auditors are increasingly hesitant to take on crypto mandates, the hiring and onboarding of new auditor, and delays in audit of the new auditor as it needed to undergo additional procedures. The Corporation continues to work closely with its auditor and expects to file the Documents by June 30, 2022.
The MCTO restricts trading in securities of the Corporation by management and certain other insiders of the Corporation until such time as the Documents have been filed by the Corporation and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Corporation to trade their securities.
Until the Corporation has filed the Documents, members of the Corporation’s management and other insiders are subject to an insider trading black-out as per its internal Insider Trading Policy. The Corporation confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on December 24, 2021 of the Corporation’s latest audited financial reports for the year ended August 31, 2021 and since the filing on November 26, 2021 of the interim financial reports for the nine month periods ended September 30, 2021 and 2020 of the reverse takeover acquiror.
The Corporation is not currently subject to any insolvency proceedings. If the Corporation becomes subject to any insolvency proceedings and provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Corporation confirms that it will also file material change reports on SEDAR containing such information as is required.
The Corporation confirms that since the date of the Default…