Promino Nutritional Sciences Inc. Comments on Trading Halt
Rhea-AI Summary
Positive
- Acquisition of Helios Helium Corp brought $2 million in cash and $1 million in securities to the company
- Company underwent restructuring and recapitalization efforts in 2024
Negative
- Trading halt and cease trade order issued due to delayed financial statements filing
- Extended audit timelines causing administrative complications
- Company unable to meet regulatory filing deadlines
News Market Reaction 1 Alert
On the day this news was published, MUSLF gained 0.73%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Burlington, Ontario--(Newsfile Corp. - May 20, 2025) - Promino Nutritional Sciences Inc. (CSE: MUSL) (OTC Pink: MUSLF) (FSE: 93X) (the "Company" or "Promino") provides an update on the trading halt issued by the Canadian Investment Regulatory Organization and the cease trade order from the Ontario Securities Commission on Thursday, May 8, 2025 as a result of the Company's delay in filing its audited financial statements for the year ended December 31, 2024.
The delay is primarily caused by extended audit timelines resulting from the Company's acquisition of Helios Helium Corp. ("Helios") on August 2, 2024. The acquisition of Helios provided the Company with
Promino CEO Vito Sanzone commented, "The trading halt and cease trade order are unfortunate but temporary administrative consequences of the restructuring and recapitalization work we undertook in 2024. For a small company like Promino, these transactions add significant accounting and legal complexity, and our audit team required additional time to verify the documentation. We aim to complete our audit and resume trading promptly."
About Promino
Promino is an innovative and research driven Canadian nutraceutical company specializing in the development of patented and science-based products for the global consumer packaged goods market, with a portfolio focused specifically on muscle health. Promino's lead product, Rejuvenate Muscle™ Activator, is a patented proprietary formulation that is clinically proven to assist in the building, rebuilding, restoration and rejuvenation of natural muscle mass. Promino also offers Promino™, an elite performance supplement for both professional and amateur athletes to accelerate muscle recovery, build strength and accelerate recovery from injury. Promino was founded in 2015 and is located in Burlington, Ontario.
For more information about Rejuvenate Muscle™ Activator and where to purchase, visit www.rejuvenatemuscle.com.
Promino™ - NSF Certified for Sport® brand ambassadors include NHL Stanley Cup™ Champion Jack Eichel of the Vegas Golden Knights and MLB Legend and Toronto Blue Jays 6x All-Star José Bautista.
To learn more about Promino, visit www.drinkpromino.com.
Forward-Looking Statements
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. All statements that address activities, events, or developments that the Company expects or anticipates will, or may, occur in the future, are forward-looking statements, including statements regarding the Company's cease trade order, continuous disclosure filings and business prospects. In some cases, forward looking statements are preceded by, followed by, or include words such as "may", "will," "would", "could", "should", "believes", "estimates", "projects", "potential", "expects", "plans", "anticipates", "continues", or the negative of those words or other similar or comparable words. In preparing the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to prompt completion of the FY 2024 audit, and that general business and economic conditions will not change in a materially adverse manner. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further information about Promino:
Vito Sanzone, CEO, vsanzone@drinkpromino.com, 289-348-1970 ext. 222
Marc Charbin, Investor Relations, marc.charbin@loderockadvisors.com, 416-467-5229
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252511
FAQ
Why was MUSLF stock halted on May 8, 2025?
What caused the delay in Promino Nutritional Sciences' 2024 financial statements?
How much capital did Promino receive from the Helios Helium acquisition?
When does MUSLF expect to resume trading?
