Starrex International Announces Inability To File Q2 Financials on Time
Rhea-AI Summary
Starrex International (CSE:STX)(OTCQB:STXMF) has announced its inability to file Q2 financials for the period ended June 30, 2024, by the August 29, 2024 deadline. The company expects a cease trade order to be issued and its stock to remain halted until the financial statements are filed. Starrex is also involved in ongoing litigation that has materially adversely impacted its financial position. The company cannot provide assurance on the timing of filing compliance or litigation developments. Starrex will update the market when it has a better understanding of when it can meet filing requirements and on further litigation developments.
Positive
- None.
Negative
- Failure to file Q2 financials on time
- Expected cease trade order
- Stock trading to remain halted
- Ongoing litigation materially adversely impacting financial position
- Uncertainty regarding timing of financial statement filing compliance
News Market Reaction
On the day this news was published, STXMF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CALGARY, AB / ACCESSWIRE / August 28, 2024 / Starrex International, Ltd. ("Starrex" or the "Company") (CSE:STX)(OTCQB:STXMF) announces that it will not be in a position to file its quarterly financial statements and MD&A as for the three and six months ended June 30, 2024, by August 29, 2024, as required in accordance with Canadian securities laws.
The Company anticipates a cease trade order will be issued in due course following its failure to file the financial statements. The Company will update the market as it gains a better sense of when it will be able to comply with the financial statement filing requirements, however, it expects that its stock will remain halted.
In addition, the Company advises that it continues to pursue litigation as disclosed in its Interim Consolidated Condensed Financial Statements for the period ended March 31, 2024, and previous press releases, and that this activity has had a material adverse impact on the financial position of the Company.
The Company will update the market as it gains a better sense of when it will be able to comply with the financial statement filing requirements and further developments in the litigation, however, it expects that its stock will remain halted until such time as its financial statements have been filed and the anticipated cease trade order has been lifted. The Company does not provide any assurance as to the timing or certainty of such matters.
For further information please contact:
Charles Burns, Interim CEO: cburns@bayshore.ca or Debbie Merritt, Chief Financial Officer of Starrex, at (281) 406-8621, email address: dmerritt@starrexintl.com
Additional Information
Additional information relating to Starrex and other public filings, is available on SEDAR at www.sedarplus.ca.
Forward Looking Statements
This news release contains forward-looking statements relating to operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release.
Forward-looking information reflects current expectations of management regarding future as of the date of this news release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, including, without limitation: the risk that Starrex may not file its Q2 financial statements or be able to have an anticipated cease trade order lifted. Should any of the foregoing risks materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance, activities or achievements could vary materially from those expressed or implied by any forward-looking information contained in this news release. Readers are cautioned that the foregoing list of risks is not exhaustive.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Starrex. The forward-looking information is made as of the date of this news release and Starrex assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Starrex International, Ltd
View the original press release on accesswire.com
FAQ
Why is Starrex International (STXMF) unable to file its Q2 2024 financials on time?
What are the consequences of Starrex International (STXMF) not filing its Q2 2024 financials on time?
How is the ongoing litigation affecting Starrex International (STXMF)?
When will Starrex International (STXMF) be able to file its Q2 2024 financials?
