Business
Turnium Announces Grant of Management Cease Trade Order
Vancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Turnium Technology Group Inc....
About this update from Turnium Technology Group Inc Class A
[{"type":"text","content":"Turnium Announces Grant of Management Cease Trade OrderVancouver, British Columbia--(Newsfile Corp. - January 29, 2025) - Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) (\"Turnium\" or the \"Company\") announces today that it was unable to meet the January 28, 2025 deadline to file its Audited Annual Financial Statements, Management's Discussion and Analysis, and related CEO and CFO certificates for the fiscal year ended September 30, 2024 (collectively, the \"Annual Filings\"), as required under applicable Canadian securities laws. In connection with the Company's inability to file the Annual Filings on time, the Company applied, and received approval, for a Management Cease Trade Order (the \"MCTO\") from the British Columbia Securities Commission under National Policy 12-203 - Management Cease Trade Orders (\"NP 12-203\"). The Company will have until March 31, 2025 to file its Annual Filings. The Company's delay in filing the Annual Filings is due to the fact that it needs more time to prepare the Audited Annual Financial Statements, and complete the financial audit with its auditor. This delay has arisen due to increased transaction volume, following a recent acquisition by the Company. The Company remains confident in its ability to complete the Annual Filings and is actively coordinating necessary tasks on a daily basis. The Company anticipates that, subject to current conditions remaining the same, it will be able to file the Annual Filings by the end of February, 2025, and in any event on or prior to March 31, 2025 (in accordance with the terms of the MCTO).Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out under sections 9 and 10 of 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 Annual Filings have not been filed. While the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company's listed common shares. However, the MCTO will prohibit the Company's Chief Executive Officer and Chief Financial Officer from trading securities of the Company for so long as the Annual Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insi...