Business
Mednow Announces Filing of Application for Management Cease Trade Order and Change of Auditor
Mednow Announces Filing of Application for Management Cease Trade Order and Change of Auditor.
About this update from Mednow Inc.
[{"type":"text","content":"\nMednow Inc. (TSXV: MNOW) (OTCQX: MDNWF) (\"Mednow\" or the \"Company\") announces today that it will likely miss its filing deadline of December 30, 2022 to file unaudited interim financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the period ended October 31, 2022 (collectively, the \"Interim Filings\"), as required under applicable Canadian securities laws.\n\nIn connection with the Company's inability to file the Interim Filings on time, the Company has applied for a Management Cease Trade Order (\"MCTO\") under National Policy 12-203 – Management Cease Trade Orders (\"NP 12-203\") and is waiting for the British Columbia Securities Commission’s approval.\n\nThe Company is applying for a MCTO as a result of ongoing complications in coordinating with the Company’s auditors and collection of required data and documentation to complete the review of the Company and its various subsidiaries, during the period ended October 31, 2022.\n\nThe Company expects to file the Interim Filings as soon as they are available, but in any event no later than January 31, 2023, and will issue a news release once the Interim Filings have been filed. Until the Company files the Interim Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Interim Filings have not been filed.\n\nDuring the MCTO, the general investing public will continue to be able to trade in the Company's Class A Common Shares listed on the TSX Venture Exchange. However, the Company's Chief Executive Officer and Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of December 30, 2022, being the date of the Company’s anticipated continuous disclosure default.\n\nThe Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of ...