Icanic Brands Company Inc. (TSXV:ICAN)(OTCQB:ICNAF) announced that it has been issued a Cease Trade Order by the British Columbia Securities Commission under National Policy 11-207.
What Happened?
On November 30, 2021, the company announced that, for reasons disclosed below, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended July 31, 2021, beyond the period prescribed under applicable Canadian securities laws.
In addition, the delay in the annual statements has resulted in the interim financial statements and accompanying management discussion and analysis for the three-month period ended October 31, 2021, being delayed beyond the period prescribed.
The company previously announced that the British Columbia Securities Commission had granted a further extension of the Management Cease Trade Order through February 11, 2022.
As previously announced, Icanic Brands has been delayed in completing its audited financial statements as a result of Covid-19 related delays in obtaining information with respect to subsidiaries acquired during the current and prior year, as well as a change in auditors from the previous fiscal year.
The previous acquisitions and auditor change has required certain expert reports and an increase in the overall scope of the audit, both of which have caused the delay in the annual filings.
What’s Next?
The company is actively and expeditiously working with its auditors to file the annual filings, at which point the company will seek to have the CTO revoked and trading reinstated on the CSE.
Icanic Brands also confirmed, as of the date of this news release, that there is no other material information concerning the affairs of the company that has not been generally disclosed.
The company also said that it has been diligently working towards closing the acquisition of LEEF Holdings, Inc., as previously announced on January 25, 2022. Closing of the acquisition is subject to shareholder and regulatory approvals and several closing conditions, including the filing of Icanic’s annual filings and the removal of the CTO.
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