XTM Inc. is providing an update to its previously announced management cease trade order (the “MCTO“) granted by the Ontario Securities Commission (the âOSCâ) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“).
Pursuant to the MCTO, the Corporationâs CEO, Marilyn Schaffer, and the Corporationâs CFO, Swapan Kakuman, may not trade in securities of the Corporation until such time as the Corporation files its annual audited financial statements, annual management’s discussion and analysis and related certifications for the year ended December 31, 2023 (collectively, the “Required Documents“), and the OSC revokes the MCTO.
The MCTO does not affect the ability of other shareholders to trade their securities.
The Corporation has not yet filed the Required Documents, however XTM is working diligently with its auditors and expects that the Required Documents will be filed as soon as possible.
As previously reported, the delay is related to audit procedures and a quality review to support reliance on third party service organizations.
XTM also confirms that it intends to satisfy the provisions of NP 12-203 and issue bi-weekly default status reports for so long as they remain in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by XTM to remedy the default, particulars of any failure by the Corporation to fulfill these provisions, any subsequent defaults of XTM requiring a default announcement and any other material information concerning the affairs of the Corporation not previously disclosed.
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