Business
NioCorp Announces Delay in Filing Quarterly Financial Statements
CENTENNIAL, CO / ACCESSWIRE / May 11, 2023 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB)(TSX:NB) announced today that it anticipates a
About this update from Niocorp Developments Ltd.
[{"type":"text","content":"CENTENNIAL, CO / ACCESSWIRE / May 11, 2023 / NioCorp Developments Ltd. (\"NioCorp\" or the \"Company\") (NASDAQ:NB)(TSX:NB) announced today that it anticipates a delay in filing its quarterly financial statements for the three and nine months ended March 31, 2023, the related management's discussion and analysis, and the CEO and CFO certifications relating to the quarterly financial statements (collectively, the \"Required Documents\") before the May 15, 2023 deadline (the \"Filing Deadline\").The closing of the Company's previously announced business combination (the \"Business Combination\") with GX Acquisition Corp. II (\"GX\"), and the high level of complexities in integrating GX and accounting for the Business Combination has resulted in the anticipated delay in filing the Required Documents.The Company has applied to the Ontario Securities Commission (the \"OSC\"), as principal Canadian regulator for the Company, for the imposition of a management cease trade order (\"MCTO\") under National Policy 12-203 - Management Cease Trade Orders (\"NP 12-203\") throughout the duration of the default. The MCTO, if approved, would generally not affect the ability of persons who are not management of the Company to trade in its securities. While no assurance can be given that the MCTO will be issued, the Company's existing Insider Trading Policy prohibits any and all trading by Company employees until at least three days following the filing of the Required Documents.The OSC may issue a general cease trade order against the Company for failure to file the Required Documents within the prescribed time period or sooner if the Company fails to file its status reports during the prescribed time limits.The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements and further confirms there is no other material information relating to its affairs that has not been generally disclosed.NioCorp's management is working diligently to remedy the situation and anticipates the Required Documents will be filed as soon as they are available, likely by May 22, 2023. As a U.S. Securities and Exchange Commission (the \"SEC\") reporting issuer, NioCorp anti...