Delic Holdings Corp (CSE:DELC) (OTCQB:DELCF) (FRA:6X0) provided a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").
On May 3, 2022, the company announced that as a result of delays to its audit, the company's annual financial statements and accompanying management's discussion and analysis for the fiscal year ended December 31, 2021 are not expected to be finalized by May 2, 2022, being the date that such filings are due under applicable Canadian securities law requirements.
The company made an application with the applicable securities regulators under NP 12-203 requesting a management cease trade order be imposed in respect of the anticipated late filing. The MCTO was issued on May 3, 2022 and precludes the CEO and CFO of the company from trading in the securities of the company until the company completes the required filings and the regulator revokes the MCTO.
The company's management continues to work diligently to complete the annual filings and now anticipates, but cannot assure, that the annual filings will be filed on or prior to May 30, 2022.
The company confirms that since the date of the default announcement:
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Other than as described above, there has been no material change to the information set out in the default announcement that has not been generally disclosed;
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There has been no failure by the company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203;
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There has not been any other specified default by the company under NP 12-203; and
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There is no other material information concerning the affairs of the company that has not been generally disclosed.
The company confirms it will continue to satisfy the provisions of the alternative information guidelines set out in NP 12-203 so long as it remains in default of the requirement to file the annual filings.
Photo: Courtesy of Mathew Schwartz on Unsplash
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