Simply Solventless Provides Update on Filing of 2025 Annual Financial Statements and Related Management's Discussion and Analysis and Management Cease Trade Order
Rhea-AI Summary
Simply Solventless (OTC:SSLCF, TSXV:HASH) provided an update on its delayed 2025 audited annual financial statements, related MD&A and CEO/CFO certificates, and its management cease trade order (MCTO) from the Alberta Securities Commission.
The Annual Filings and Q1 2026 filings are expected to be completed and filed by July 3, 2026. SSC has asked regulators to extend the MCTO to that date. The delay is attributed to management time constraints linked to Companies' Creditors Arrangement Act proceedings involving three wholly owned subsidiaries. The MCTO restricts management from trading SSC securities but does not affect other shareholders. SSC intends to continue biweekly default status reports and states it is otherwise current in its filing obligations.
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Positive
- Annual and Q1 2026 filings expected to be completed by July 3, 2026
- Requested MCTO extension limited to July 3, 2026
- Management and auditor reportedly working to complete audit matters promptly
- MCTO does not restrict trading by non-management shareholders
- Company states it is otherwise current on securities filing obligations
- Company plans ongoing biweekly default status updates under NP 12-203
Negative
- Delay in 2025 annual and Q1 2026 financial filings remains unresolved
- Management cease trade order continues to restrict insider trading of shares
- Time constraints tied to CCAA proceedings at three wholly owned subsidiaries
- Company has requested an extension of the existing MCTO period
Calgary, Alberta--(Newsfile Corp. - July 4, 2026) - Simply Solventless Concentrates Ltd. (TSXV: HASH) ("SSC" or the "Company"), provides an update regarding the filing of its audited annual financial statements for the year ended December 31, 2025, the related management's discussion and analysis, and related CEO and CFO certificate ("Annual Filings"), and its previously announced management cease trade order ("MCTO") issued by the Company's principal regulator, the Alberta Securities Commission, under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") on May 4, 2026.
The Annual Filings and the Company's interim financial statements for the three months ended March 31, 2026, the related management's discussion analysis, and related CEO and CFO certificates ("Q1 Filings") are expected to be filed by July 3, 2026. The Company has requested that the ASC extend the MCTO to July 3, 2026.
The delay in completing and filing the Annual Filings and Q1 Filings is due to management time constraints caused by the previously announced Companies' Creditors Arrangement Act (Canada) proceedings involving the Company's wholly owned subsidiaries, ANC Inc., CannMart Inc. and Massive Hash Factory Ltd. The Company continues to work diligently with its auditor to complete the outstanding audit matters in a timely manner.
As previously announced, pursuant to the MCTO, Management of the Company may not trade in securities of the Company until such time as the Company files the Financials and the MCTO is revoked. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. The Company confirms that it will satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing biweekly default status reports in the form of news releases for so long as it remains in default of the above-noted filing requirements.
The Company confirms that (a) there have been no material changes to the information contained in the default announcement issued on April 30, 2026 (the "Default Announcement") that would reasonably be expected to be material to an investor except the Company would like to clarify that any delay in the filing or audit was not due to its appointment of BDO Canada LLP as the new auditor and the Company expects there will be no further delays or requested extensions to the MCTO request nor has there been any failures by the Company to fulfill its stated intentions with respect to satisfying the provisions of the alternative reporting guidelines under NP 12-203.
Other than as disclosed herein, the Company is up to date in its filing obligations.
About Simply Solventless Concentrates Ltd.
SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see www.simplysolventless.ca.
Additional Information
For additional information regarding SSC, please contact Simply Solventless Concentrates Ltd., Jeff Swainson, President and CEO, Email: jeff@simplysolventless.ca.
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information concerning the anticipated filing of the Financials.
SSC believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because SSC can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to inherent risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed.
Neither the TSXV nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303982