Vancouver, British Columbia–(Newsfile Corp. – April 28, 2022) – Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) (“Emerald” or the “Company”) reports that it anticipates it will be unable to file its Annual Filings before the May 2, 2022 deadline and has applied to the British Columbia Securities Commission for a temporary management cease trade order.
Under the provisions of Parts 4 and 5 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”), Emerald is required to file its annual financial statements and management discussion and analysis for the year ended December 31, 2021 (collectively, the “Annual Filings”) no later than May 2, 2022.
As the result of a combination of (a) the departure of the Company’s Chief Executive Officer and Chief Financial Officer; (b) the change of the Company’s auditor; (c) a reduction of the Company’s workforce connected with the Company’s recent decision to pivot to a pharmaceutical development focus (the “Strategic Process”); and (d) additional work needed to reflect the results of the Strategic Process in the Annual Filings, the Company anticipates it will be unable to file the Annual Filings before the May 2, 2022 deadline.
As required by the British Columbia Securities Commission (“BCSC”) in the circumstance of a late filing, the Company has made an application to the BCSC to approve a temporary management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), which, if granted, will prohibit trading in securities of the Company by certain insiders of the Company, whether direct or indirect.
The Company intends to satisfy the provisions of the alternative information guidelines set out in Sections 9 and 10 of NP 12-203 so long as the Annual Filings are outstanding.
The Company’s management and team members are working diligently with its auditors to complete the Annual Filings and anticipates they will be filed as soon as possible and, in any event, prior to June 13, 2022. The MCTO will be in effect until the Annual Filings are filed.
Please visit www.emeraldhealth.ca for more information or contact:
Mohammed Jiwan , Chief Operating Officer
1(800) 757 3536 Ext. #5
Emerald Investor Relations
(800) 757 3536 Ext. #5
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. Such statements include the issuance of a MCTO by the British Columbia Securities Commission and the Company completing the Annual Filings by June 13, 2022.
We cannot guarantee that any forward-looking statement will materialize, and readers are cautioned not to place undue reliance on these forward-looking statements. Such statements are subject to the risks that the British Columbia Securities Commission does not issue the MCTO and the failure by the Company to complete the Annual Filings within the time period stated as well as the risk factors described in Emerald’s annual information form and other regulatory filings. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control.
The forward-looking statements contained in this press release represent our expectations as of the date hereof. Forward-looking statements are presented for the purpose of providing information about management’s current expectations and plans and allowing investors and others to obtain a better understanding of our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Emerald undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur unless required by applicable law.
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