4Front Announces Delay in Filing of Annual Financial Statements, MD&A and Management Cease Trade Order
4Front Ventures (OTCQB: FFNTF) has announced a delay in filing its Annual Financial Statements and MD&A for the year ended December 31, 2024, missing the April 30, 2025 deadline. The delay stems from financial constraints affecting the company's ability to pay its auditors.
The company is seeking a management cease trade order (MCTO) from the Ontario Securities Commission and expects to file within 60 days after restarting the audit engagement. 4Front is actively working to resolve the issue through additional financing, restructuring liabilities, and discussions with a lessor, though success is not guaranteed.
The company operates in Illinois and Massachusetts with facilities in Washington, offering over 20 cannabis brands and 1,800 products through its Mission dispensaries. Management and insiders are subject to a trading blackout until the Annual Filings are submitted.
4Front Ventures (OTCQB: FFNTF) ha annunciato un ritardo nella presentazione del Bilancio Annuale e della Relazione sulla Gestione (MD&A) per l'anno conclusosi il 31 dicembre 2024, mancando la scadenza del 30 aprile 2025. Il ritardo è dovuto a vincoli finanziari che limitano la capacità dell'azienda di pagare i revisori.
L'azienda sta richiedendo un ordine di sospensione delle negoziazioni per la direzione (MCTO) alla Ontario Securities Commission e prevede di presentare la documentazione entro 60 giorni dal riavvio della revisione contabile. 4Front sta lavorando attivamente per risolvere la situazione tramite finanziamenti aggiuntivi, ristrutturazione dei debiti e trattative con un locatore, anche se il successo non è garantito.
La società opera in Illinois e Massachusetts con strutture a Washington, offrendo oltre 20 marchi di cannabis e 1.800 prodotti attraverso le sue dispensarie Mission. La direzione e gli insider sono soggetti a un divieto di negoziazione fino alla presentazione dei documenti annuali.
4Front Ventures (OTCQB: FFNTF) ha anunciado un retraso en la presentación de sus Estados Financieros Anuales y MD&A para el año terminado el 31 de diciembre de 2024, incumpliendo la fecha límite del 30 de abril de 2025. El retraso se debe a limitaciones financieras que afectan la capacidad de la empresa para pagar a sus auditores.
La compañía está solicitando una orden de suspensión de comercio para la gerencia (MCTO) a la Comisión de Valores de Ontario y espera presentar la documentación dentro de los 60 días posteriores a la reanudación de la auditoría. 4Front está trabajando activamente para resolver el problema mediante financiamiento adicional, reestructuración de pasivos y negociaciones con un arrendador, aunque el éxito no está garantizado.
La empresa opera en Illinois y Massachusetts con instalaciones en Washington, ofreciendo más de 20 marcas de cannabis y 1,800 productos a través de sus dispensarios Mission. La gerencia y los insiders están sujetos a un bloqueo de operaciones hasta que se presenten los informes anuales.
4Front Ventures (OTCQB: FFNTF)는 2024년 12월 31일 종료된 연도에 대한 연례 재무제표 및 경영진 토의 및 분석(MD&A) 제출이 2025년 4월 30일 마감일을 놓치면서 지연되었음을 발표했습니다. 지연 원인은 회사가 감사인에게 비용을 지불할 수 없는 재정적 제약 때문입니다.
회사는 온타리오 증권위원회에 경영자 거래중지명령(MCTO)을 신청 중이며, 감사 업무가 재개된 후 60일 이내에 제출할 것으로 예상하고 있습니다. 4Front는 추가 자금 조달, 부채 구조조정, 임대인과의 협상을 통해 문제 해결에 적극 노력하고 있으나 성공이 보장되지는 않습니다.
회사는 일리노이와 매사추세츠에서 운영되며 워싱턴에 시설을 두고 있으며, 미션 디스펜서리를 통해 20개 이상의 대마초 브랜드와 1,800여 개의 제품을 제공합니다. 경영진과 내부자는 연례 보고서 제출 시점까지 거래 제한을 받고 있습니다.
4Front Ventures (OTCQB : FFNTF) a annoncé un retard dans le dépôt de ses états financiers annuels et du rapport de gestion (MD&A) pour l'exercice clos le 31 décembre 2024, manquant la date limite du 30 avril 2025. Ce retard est dû à des contraintes financières affectant la capacité de l'entreprise à payer ses auditeurs.
La société demande une ordonnance de suspension des transactions pour la direction (MCTO) auprès de la Commission des valeurs mobilières de l'Ontario et prévoit de déposer les documents dans les 60 jours suivant la reprise de l'audit. 4Front travaille activement à résoudre le problème par un financement supplémentaire, la restructuration de ses dettes et des discussions avec un bailleur, bien que le succès ne soit pas garanti.
La société opère dans l'Illinois et le Massachusetts avec des installations à Washington, offrant plus de 20 marques de cannabis et 1 800 produits via ses dispensaires Mission. La direction et les initiés sont soumis à une interdiction de négociation jusqu'à la soumission des documents annuels.
4Front Ventures (OTCQB: FFNTF) hat eine Verzögerung bei der Einreichung seines Jahresabschlusses und des Lageberichts (MD&A) für das am 31. Dezember 2024 endende Geschäftsjahr bekannt gegeben und damit die Frist zum 30. April 2025 verpasst. Die Verzögerung resultiert aus finanziellen Engpässen, die die Fähigkeit des Unternehmens beeinträchtigen, seine Wirtschaftsprüfer zu bezahlen.
Das Unternehmen beantragt eine Management-Handelsaussetzung (MCTO) bei der Ontario Securities Commission und erwartet die Einreichung innerhalb von 60 Tagen nach Wiederaufnahme der Prüfung. 4Front arbeitet aktiv daran, das Problem durch zusätzliche Finanzierung, Umstrukturierung der Verbindlichkeiten und Gespräche mit einem Vermieter zu lösen, wobei ein Erfolg nicht garantiert ist.
Das Unternehmen ist in Illinois und Massachusetts tätig, verfügt über Einrichtungen in Washington und bietet über seine Mission-Apotheken mehr als 20 Cannabis-Marken und 1.800 Produkte an. Management und Insider unterliegen bis zur Einreichung der Jahresberichte einem Handelsverbot.
- Maintains operations in multiple states (IL, MA, WA)
- Portfolio of 20+ cannabis brands and 1,800+ products
- Unable to pay auditors due to financial constraints
- Delayed filing of 2024 annual financial statements
- Requires additional financing and liability restructuring
- Management cease trade order pending due to filing delay
- the Company's Annual Audited Financial Statements for the year ended December 31, 2024, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
- the Company's management discussion & analysis for the year ended December 31, 2024, as required by section 5.1(2) of NI 51-102; and
- the certification of the annual filings for the year ended December 31, 2024.
The delay is a result of financial constraints that have impacted the Company's ability to pay its auditors. The Company is actively working to resolve the issue and expects to be able to file the necessary reports upon completion of securing additional financing, restructuring its liabilities and continuing discussions with one of the company's lessors. While these engagements are ongoing, there is no guarantee that financing or restructuring efforts will be successfully completed. The Company estimates that the filing should occur within sixty days after restarting the audit engagement.
In response to the Annual Filings delay, the Company has applied to the Ontario Securities Commission for a management cease trade order ("MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Ontario Securities Commission on this application. The Commission may grant the application and issue the MCTO, or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion.
The Company continues to work toward completing its annual financial statements and expects to file the Annual Filings within sixty days of restarting its audit engagement and will issue a news release once the Annual Filings have been filed. The Company has made all efforts and allocated all available resources to the preparation, completion, and filing of the Annual Filings. The Company's auditors have also made significant efforts to complete its audit of the annual financial statements. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for as long as the Annual Filings remain outstanding.
Until the Company has filed the Annual Filings, members of the Company's management and other insiders are subject to an insider trading blackout. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing of the Company's interim financial reports for the period ended September 30, 2024, on December 3, 2024. There are no insolvency proceedings involving the Company.
About 4Front Ventures Corp.
4Front is a national, vertically integrated multi-state cannabis operator with operations in
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains statements which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Readers are cautioned that forward-looking information is not based on historical facts but instead reflects the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. In particular, this news release contains forward-looking information regarding: the filing of the Annual Filings, including the timing for the filing of the Annual Filings; and the application for a MCTO in respect of the Company. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the ability of the Company to complete the Annual Filings in the noted timeframe; the MCTO application process and the applicability of that process to the Company. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: general economic, business and political conditions, including changes in the financial markets; decreases in the prevailing prices for products in the markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; regulations and enforcement priorities of governmental authorities; compliance with government regulation and related costs; and other risks described in the Listing Statement of Form 10-K posted on SEDAR+. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
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SOURCE 4Front Ventures Corp.
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