Eguana Provides Update on Filing of Annual Financial Statements
- None.
- Delayed filing of 2024 annual financial statements and MD&A indicates potential internal control or accounting issues
- Trading restrictions placed on company executives through MCTO
- Company forced to suspend share buyback program
Calgary, Alberta--(Newsfile Corp. - May 7, 2025) - Eguana Technologies Inc. (TSXV: EGT) ("Eguana" or the "Company"), a leading developer and manufacturer of high-performance energy storage systems, announces that further to its application to the Alberta Securities Commission ("ASC") for a temporary management cease trade order ("MCTO"), in connection with the Company's filing of its audited annual financial statements (the "Financial Statements") and management discussion and analysis (the "MD&A") for the financial year ended December 31, 2024, and the applicable CEO and CFO certifications (together with the Financial Statements and the MD&A, the "Annual Filings"), the ASC has granted the MCTO.
The MCTO prohibits the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed, including the disposition or acquisition of securities of the Company under any automatic plan. During this period, the Company will cease any share buy-back activities under its normal course issuer bid, and has undertaken not to, directly or indirectly, issue or acquire securities from an insider or employee of the Company.
The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities of the Company.
The Company will issue a news release announcing completion of the filing of the Annual Filings, at such time as they are completed and filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), including issuing bi-weekly default status reports by way of news releases, which will be filed on SEDAR+.
The delay in filing the Annual Filings is a result of unexpected delays experienced by the Company. The Company is working with its accounting team to prepare the Financial Statements and respond to all audit queries. It is the Company's reasonable expectation that the Annual Filings will be finalized by May 30, 2025.
About Eguana Technologies Inc.
Eguana's vision is to build the grid of the future by delivering flexible, modular, and cost-effective alternatives to traditional grid upgrades. Our technology provides value to all key stakeholders – from the consumer, to the electricity retailer, the distribution utility, and the system operator. Since 1998, Eguana Technologies has connected utilities with consumers through its high-performance commercial and residential energy storage solutions. The Eguana product suite has been designed from the ground up with both the end user and the utility in mind to transition the power grid seamlessly. Manufactured in local facilities across the globe to ensure compliance and quality, Eguana's standardized platform allows the flexibility to ensure each product solution is optimized for use in major grid modernization markets.
To learn more, visit www.EguanaTech.com or follow us on LinkedIn and @EguanaTech on X.
Company Inquiries
Justin Holland, CEO Eguana Technologies Inc.
+1.416.728.7635
Justin.Holland@EguanaTech.com
Forward-Looking Statements
The reader is advised that all information herein, other than statements of historical fact, may constitute forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning assigned by National Instrument 51-102 - Continuous Disclosure Obligations and other relevant securities legislation. In particular, forward-looking statements include, among other things, that the Annual Filings will be finalized by May 30, 2025, the Company's compliance with the MCTO and NP 12-203. Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties. Many factors could cause the Company's actual results, performance or achievements, or future events or developments, to differ materially from those expressed or implied by forward-looking statements. Such factors include, but are not limited to, the factors set out in the "Risk Factors" section of the Company's management's discussion and analysis for the three and nine months ended September 30, 2024 and Company's management's discussion and analysis for the year ended December 31, 2023, which may be found on its website or at www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company does not undertake any obligation to release publicly any revisions to forward-looking statements contained herein to reflect events or circumstances that occur after the date hereof or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251204
FAQ
Why did Eguana Technologies (EGTYF) receive a management cease trade order in May 2025?
When will Eguana Technologies (EGTYF) file its delayed 2024 annual financial statements?
Can shareholders still trade Eguana Technologies (EGTYF) stock during the MCTO period?
What restrictions does the MCTO place on Eguana Technologies (EGTYF)?
