Organto Announces Revocation of Cease Trade Order
Rhea-AI Summary
Organto Foods (TSXV:OGO)(OTC PINK:OGOFF) announces the full revocation of a Failure to File Cease Trade Order (FFCTO) by the British Columbia Securities Commission (BCSC), effective January 2, 2025. The FFCTO was initially issued on July 16, 2024, due to the company's failure to file required financial statements and related documents for fiscal year 2023 and Q1 2024.
The company has since submitted the required filings on October 9 and October 24, 2024, which are now available on SEDAR+. Organto has submitted an application to the TSX Venture Exchange to reinstate trading of its common shares.
Positive
- Full revocation of cease trade order, allowing securities trading to resume
- Company has completed and submitted all required financial filings
- Process initiated for reinstatement of trading on TSX Venture Exchange
Negative
- Company previously failed to file mandatory financial statements and reports for FY2023 and Q1 2024
- Trading was suspended for approximately 6 months (July 2024 to January 2025)
News Market Reaction – OGOFF
On the day this news was published, OGOFF declined 86.23%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
TORONTO, ON / ACCESSWIRE / January 3, 2025 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF) ("Organto" or the "Company"), a leading provider of organic and non-GMO fruit and vegetable products today announces the full revocation of a Failure to File Cease Trade Order (the "FFCTO") issued by the British Columbia Securities Commission (the "BCSC") effective on January 2, 2025. The FFCTO prohibited the trading by any person or company of any securities of the Company in Canada, except pursuant to limited exceptions under the FFCTO.
The FFCTO was issued by the BCSC on July 16, 2024 due to the Company's failure to file its annual audited financial statements, management's discussion and analysis and related officer certifications for the fiscal year ended December 31, 2023 as well as the Company's interim financial statements, management's discussion and analysis and related officer certifications for the three months ended March 31, 2024 (collectively, the "Filings") as required under Parts 4 and 5 of National Instrument 51-102 - Continuous Disclosure Obligations and pursuant to National Instrument 52-109 - Certification of Disclosure in Issuer's Annual and Interim Filings. The Company submitted the Filings on October 9, 2024 and October 24, 2024, all of which are available for review on SEDAR+ at www.sedarplus.ca.
The Company has submitted a written application to the TSX Venture Exchange (the "Exchange") in order to commence the process to reinstate trading of the Company's common shares on the Exchange.
ON BEHALF OF THE COMPANY
Steve Bromley
Chair and Co-CEO
For more information contact:
Investor Relations
John Rathwell, Senior Vice President, Investor Relations & Corporate Development
647 629 0018
info@organto.com
ABOUT ORGANTO
Organto is an integrated provider of branded, private label, and distributed organic and non-GMO fruit and vegetable products using a strategic asset-lighter business model to serve a growing socially responsible and health-conscious consumer around the globe. Organto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people, and its shareholders.
FORWARD LOOKING STATEMENTS
This news release may include certain forward-looking information and statements, as defined by law including without limitation Canadian securities laws and the "safe harbor" provisions of the US Private Securities Litigation Reform Act ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting the process to reinstate trading of the Company's common shares on the Exchange. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation, the assumption that the Company will be able to resolve any and all issues that may arise during the reinstatement process in a timely manner. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risks and Uncertainties" and "Forward-Looking Statements" sections of the Company's annual and interim management's discussion and analysis filings with the Canadian securities regulators, which are available under the Company's profile at www.sedarplus.ca. Except as required by law, Organto does not assume any obligation to release publicly any revisions to forward-looking statements contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Organto Foods, Inc.
View the original press release on accesswire.com
FAQ
When was the cease trade order lifted for Organto Foods (OGOFF)?
Why was Organto Foods (OGOFF) under a cease trade order in 2024?
When did Organto Foods (OGOFF) submit its missing financial filings?
What steps is Organto Foods (OGOFF) taking to resume trading?
