Business
LeanLife Provides Update on Status of Cease Trade Order and Announces Extension of Warrants
LeanLife Provides Update on Status of Cease Trade Order and Announces Extension of Warrants.
About this update from Leanlife Health Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - November 3, 2022) - LeanLife Health Inc. (CSE: LLP) (FSE: LL1) (the \"Company\" or \"LeanLife\") announces further to its press release of September 13, 2022, the Company and its auditors are continuing to work diligently to complete the audit of the Company's annual financial statements for the fiscal year ended March 31, 2022, the related management's discussion and analysis and CEO and CFO certifications (collectively, the \"Annual Filings\") by the prescribed deadline of July 29, 2022. The Company has also failed to file its first Quarter Financial Statements, management's discussion and analysis and CEO and CFO certifications (collectively, the \"Interim Filings\") for the period ended June 30, 2022.The Company's 2022 audit currently remains ongoing and as previously disclosed, is experiencing delays caused by complexities arising from the Company's financials. The CTO will remain in place until such time as the Annual Filings and Q1 filings are filed by the Company, currently expected before November 4, 2022 respectively.The CTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's common shares made through the Canadian Securities Exchange, for as long as the CTO remains in effect; however, the CTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of August 5, 2022 ) insiders or control persons of the Company and who sell securities of the Company acquired before August 5, 2022 if both of the following criteria are met: (i) the sale is made through a \"foreign organized regulated market\", as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation. There is no assurance that the Company will be able to remedy its filing default and have the CTO lifted in a timely manner or at all.The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally dis...