ELSE NUTRITION PROVIDES BI-WEEKLY DEFAULT STATUS REPORT
Rhea-AI Summary
Else Nutrition Holdings has provided a bi-weekly default status report following the Management Cease Trade Order (MCTO) granted by the British Columbia Securities Commission. The MCTO was issued due to delays in completing audit procedures for the company's annual financial statements for the year ended December 31, 2024.
The MCTO restricts trading activities for the company's CEO and CFO until the Annual Filings are submitted and the order is lifted. Other shareholders maintain their ability to trade securities. The company confirms there have been no material changes since the initial MCTO announcement on April 1, 2025.
Else Nutrition is actively working with auditors to complete the financial statements audit and expects to file the required documents by May 13, with a final deadline of May 30, 2025. The company will continue to provide updates in accordance with National Policy 12-203 guidelines.
Positive
- None.
Negative
- Company unable to file annual financial statements, MD&A, and AIF within required 90-day deadline
- Trading restrictions imposed on CEO and CFO through Management Cease Trade Order
- Delayed financial reporting until May 13-30, 2025, indicating potential audit complications
News Market Reaction 1 Alert
On the day this news was published, BABYF gained 15.38%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
On April 1, 2025, the Company announced in a news release (the "MCTO Announcement") that it has been granted a voluntary cease trade order ("MCTO") by British Columbia Securities Commission in accordance with National Policy 12-203 due to time constraints in completing the audit procedures for the filing of its annual financial statements, management's discussion and analysis ("MD&A") and annual information form ("AIF")(collectively, the "Annual Filings") for the year ended December 31, 2024 on SEDAR within 90 days of its financial year-end. The MCTO prohibits the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Annual Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.
Pursuant to NP 12-203, the Company must file bi-weekly default status reports in the form of further news releases during the period of the MCTO. The Company confirms that since the date of the MCTO Announcement: (i) there has been no material change to the information contained as set out in the MCTO Announcement; (ii) there has been no failure to satisfy the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default subsequent by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company reports that it is working diligently with its auditor to complete the audit of the financial statements for the year ended December 31, 2024. The company expects to file its Annual Filings by May 13, and in any event no later than May 30, 2025, and will issue a news release once they have been filed. Until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by NP 12-203.
About Else Nutrition Holdings Inc.
Else Nutrition Holdings Inc. is a food and nutrition company in the international expansion stage focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formulas. Since launching its Plant-Based Complete Nutrition for Toddlers, made of whole foods, almonds, buckwheat, and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.
Awards and Recognition:
- "2017 Best Health and Diet Solutions" award at
Milan 's Global Food Innovation Summit - #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category
- "Best Dairy Alternative" Award 2021 at World Plant-Based Expo
- Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category
- During September 2022, Else Super Cereal reached the #1 Best Seller in Baby Cereal across all brands on Amazon
For more information, visit www.elsenutrition.com or @elsenutrition on Facebook and Instagram.
Caution Regarding Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include but are not limited to, statements with respect to the Company filing its annual financial statements, MD&A and AIF. These forward-looking statements are made as of the date of this press release. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, variations in market conditions; currency exchange rates; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to access further funding, to continue its projected growth, or to be fully able to implement its business strategies. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Else Nutrition Holdings Inc.
FAQ
Why did ELSE Nutrition (BABYF) receive a trading cease order in April 2025?
When will ELSE Nutrition (BABYF) file its delayed 2024 annual financial statements?
Can shareholders still trade ELSE Nutrition (BABYF) stock during the MCTO period?
What reports are delayed in ELSE Nutrition's (BABYF) annual filings for 2024?
How often must ELSE Nutrition (BABYF) provide updates during the MCTO period?
