Business
AI/ML Innovations Inc. Granted Management Cease Trade Order
VICTORIA, BC / ACCESSWIRE / August 29, 2024 / AI/ML Innovations Inc. (the " Company ") (CSE:AIML...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AI/ML Innovations Inc. Granted Management Cease Trade OrderVICTORIA, BC / ACCESSWIRE / August 29, 2024 / AI/ML Innovations Inc. (the \"Company\") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, did not file its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended April 30, 2024 (the \"Required Filings\") by the filing deadline of August 28, 2024, and as a result is in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations.As previously announced on August 23, 2024 (the \"Announcement\"), the Company applied to the British Columbia Securities Commission (the \"BCSC\") for a management cease trade order (the \"MCTO\"), which would restrict all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company. The BCSC issued the MCTO on August 29, 2024. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities.The Company and its auditor continue to work diligently toward completing the Required Filings and expect to remedy the default by filing the Required Filings on or before September 15, 2024.The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the \"alternative information guidelines\" under National Policy 12-203 Management Cease Trade Orders (\"NP 12-203\") and issue bi-weekly default status reports for so long as the delay in filing the Required Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.For more information about AI/ML Innovations:For detailed information please see AI/ML's website or the Company'...