Stardust Solar Updates Status of Filing Annual Financial Statements
Rhea-AI Summary
Positive
- MCTO does not restrict trading for regular shareholders
- Management actively working to resolve the filing delay
- Company maintains transparency through bi-weekly updates
Negative
- Delayed filing of 2024 annual financial statements
- Trading restrictions placed on CEO and CFO
- Potential regulatory compliance issues indicated by the MCTO
Vancouver, British Columbia--(Newsfile Corp. - June 12, 2025) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leading provider of residential solar energy solutions, announces, further to its news releases of May 1, May 15 and May 29, 2025, that the Company's principal regulator, the British Columbia Securities Commission (the "Commission"), granted a management cease trade order (the "MCTO") on May 1, 2025, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203").
The MCTO prohibits the Company's Chief Executive Officer and the Chief Financial Officer from trading in the Company's securities until the Company files its audited annual financial statements for the year ended December 31, 2024, management's discussion and analysis together with the related certifications (collectively the "Required Documents") and the Commission revokes the MCTO. The MCTO does not affect the ability of other shareholders to trade their securities.
The Company's Board of Directors and management continue to work diligently to complete and file the Required Documents. The Company also confirms that since its press release dated May 29, 2025, there is no material information concerning its affairs that has not been generally disclosed.
Until the Required Documents are filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly default status reports in the form of further press releases for so long as it remains in default of its financial statement filing requirements.
About Stardust Solar
Stardust is a North American franchisor of renewable energy installation services, including solar panels (PV), energy storage systems, and electric vehicle supply equipment. Stardust lends its brand and business management services to entrepreneurs looking to enter the renewable energy industry. Stardust franchisees install and maintain clean energy systems for residential and commercial purposes. As a franchisor, Stardust supplies its franchisees with the following products: solar PV equipment, energy storage equipment, and electric vehicle supply equipment. In addition, Stardust supports its franchisees with many services from corporate headquarters, including marketing, sales, engineering, plan sets, customer service, and project management.
Media and Investor Contacts:
Mark Tadros
Chief Executive Officer, Chairman and Director
For further information or media requests, please contact:
Steve Rickaby
Director of Communications and Investor Relations
Stardust Solar Energy Inc.
Cell: 1-672-472-1345
Steve@StardustSolar.com
www.stardustsolar.com
https://www.linkedin.com/company/stardustsolar/
Neither 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 release.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
This news release may contain statements which constitute "forward-looking information", including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Forward looking statements made in this news release include the anticipated filing date of the Annual Financial Filings. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, availability of funds, personnel and other resources necessary to conduct the business activities of the Company. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255280
FAQ
What is the current status of Stardust Solar's (SUNXF) financial statements filing?
How does the MCTO affect Stardust Solar (SUNXF) shareholders?
When was the Management Cease Trade Order issued for Stardust Solar (SUNXF)?
What actions is Stardust Solar (SUNXF) taking to address the MCTO?
What documents does Stardust Solar (SUNXF) need to file to lift the MCTO?
