STOCK TITAN

Organto Provides Bi-Weekly Update on Filing of 2023 Annual Financial Statements and Status of MCTO

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

Organto Foods has provided an updated status regarding its management cease trade order (MCTO) linked to the delayed filing of its 2023 annual financial statements. The British Columbia Securities Commission granted an extension of the MCTO until July 15, 2024. This order restricts the trading activities of certain company executives but does not affect shareholders. The company and its auditors are working to complete the filings promptly. No new material changes or additional defaults have been reported since the last update on July 3, 2024.

Positive
  • Shareholders can continue trading their securities without restrictions.
Negative
  • The company's executives are restricted from trading due to the delayed filing of annual financial statements.
  • An extension of the MCTO indicates ongoing delays in completing financial filings.

VANCOUVER, BC and BREDA, NETHERLANDS / ACCESSWIRE / July 10, 2024 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF) ("Organto" or the "Company"), a leading provider of organic and non-GMO fruit and vegetable products, today provided an update with respect to its previously announced management cease trade order (the "MCTO") relating to the late filing of the Company's annual financial statements and accompanying management's discussion and analysis for the year ended December 31, 2023 (the "Annual Filings").

On May 1, 2024, the Company's principal regulator, the British Columbia Securities Commission (the "Commission") granted the MCTO. Due to delays in completing its Annual Filings, the Company was granted an extension of the MCTO by the Commission until July 15, 2024.

Under the terms of the MCTO, the Chief Executive Officer, the former Co-Chief Executive Officer and the Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files the Annual Filings and the Commission revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.

The Company and its auditors continue to work diligently toward completing the Annual Filings as soon as practicable.

The Company confirms that since the last announcement regarding the status of the MCTO dated July 3, 2024: (i) other than as described above, there has been no material change to the information set out in the announcement that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default 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 will comply with the provisions of the alternative information guidelines as set out in NP 12-203 for as long as it remains in default, including the issuance of bi-weekly default status reports in the form of a news release.

ON BEHALF OF THE COMPANY

Steve Bromley
Chair and 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-light 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 of 1995 ("forward-looking statements"). In particular, and without limitation, this news release contains forward-looking statements respecting the Company's position that it continues to work diligently towards completing the Annual Filings as soon as possible. Forward-looking statements are based on a number of assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability and time frame within which Organto's business model will be implemented and product supply will be increased; cost increases; dependence on suppliers, partners, and contractual counter-parties; changes in the business or prospects of Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather, unfavorable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws, and similar risks; transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers, employees, suppliers, consultants, contractors, and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.

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

What is the status of Organto's 2023 annual financial statements filing?

Organto Foods is still working on completing the filing of its 2023 annual financial statements and has been granted a deadline extension until July 15, 2024.

How does the MCTO affect Organto Foods' stock (OGOFF)?

The MCTO restricts trading activities of certain executives but does not impact the ability of shareholders to trade their OGOFF securities.

When is the new deadline for Organto Foods to file its 2023 annual financial statements?

The new deadline for Organto Foods to file its 2023 annual financial statements is July 15, 2024.

Can shareholders of Organto Foods still trade their shares under the MCTO?

Yes, shareholders can still trade their shares; the MCTO only affects certain company executives.

What happens if Organto Foods misses the July 15, 2024 deadline for its filings?

If Organto Foods misses the deadline, the MCTO may be extended further, continuing the trading restrictions for certain executives.

Organto Foods Inc.

OTC:OGOFF

OGOFF Rankings

OGOFF Latest News

OGOFF Stock Data

2.64M
22.56M
32.36%
Dog and Cat Food Manufacturing
Manufacturing
Link
United States of America
Vancouver