Wellfield Technologies Inc. Announces Potential Delay in Annual Filings and Application for Management Cease Trade Order
Wellfield Technologies (OTC:WFLDF) has announced a potential delay in completing its annual filings for the fiscal year ended March 31, 2025. The company has applied for a temporary Management Cease Trade Order (MCTO) from the British Columbia Securities Commission. The delay is attributed to several factors, including the ongoing Tradewind Markets spin-off, Middle East conflict impacts on staffing, temporary misalignment with auditor KRP, and a recent CFO appointment.
If granted, the MCTO will restrict trading by company insiders while allowing other parties to continue trading. Wellfield expects to complete the Annual Filings by August 31, 2025, missing the original July 29, 2025 deadline. The company commits to providing bi-weekly status updates until the situation is resolved.
Wellfield Technologies (OTC:WFLDF) ha annunciato un possibile ritardo nel completamento delle sue dichiarazioni annuali per l'esercizio chiuso il 31 marzo 2025. La società ha richiesto un Ordine Temporaneo di Sospensione del Commercio per la Direzione (MCTO) alla British Columbia Securities Commission. Il ritardo è dovuto a diversi fattori, tra cui la spin-off in corso di Tradewind Markets, gli effetti del conflitto in Medio Oriente sul personale, un temporaneo disallineamento con il revisore KRP e la recente nomina del CFO.
Se approvato, l'MCTO limiterà le operazioni di trading da parte degli insider della società, consentendo però agli altri soggetti di continuare a negoziare. Wellfield prevede di completare le dichiarazioni annuali entro il 31 agosto 2025, superando così la scadenza originale del 29 luglio 2025. La società si impegna a fornire aggiornamenti sullo stato della situazione ogni due settimane fino alla risoluzione del problema.
Wellfield Technologies (OTC:WFLDF) ha anunciado un posible retraso en la presentación de sus informes anuales para el año fiscal que finaliza el 31 de marzo de 2025. La compañía ha solicitado una Orden Temporal de Suspensión de Comercio para la Dirección (MCTO) a la Comisión de Valores de Columbia Británica. El retraso se atribuye a varios factores, incluyendo la escisión en curso de Tradewind Markets, los impactos del conflicto en Medio Oriente en el personal, un desajuste temporal con el auditor KRP y el reciente nombramiento del CFO.
Si se concede, la MCTO restringirá las operaciones de comercio por parte de los insiders de la empresa, permitiendo que otras partes continúen negociando. Wellfield espera completar los informes anuales para el 31 de agosto de 2025, superando la fecha límite original del 29 de julio de 2025. La compañía se compromete a proporcionar actualizaciones quincenales hasta que la situación se resuelva.
Wellfield Technologies (OTC:WFLDF)는 2025년 3월 31일 종료되는 회계연도 연례 보고서 제출 완료가 지연될 가능성을 발표했습니다. 회사는 브리티시컬럼비아 증권위원회에 임시 경영자 거래중지 명령(MCTO)을 신청했습니다. 지연 사유는 진행 중인 Tradewind Markets 분사, 중동 분쟁으로 인한 인력 영향, 감사인 KRP와의 일시적 불일치, 최근 CFO 임명 등 여러 요인 때문입니다.
승인될 경우 MCTO는 회사 내부자의 거래를 제한하지만, 다른 거래자들은 계속 거래할 수 있도록 허용합니다. Wellfield는 원래 마감일인 2025년 7월 29일을 넘겨 2025년 8월 31일까지 연례 보고서를 완료할 예정입니다. 회사는 상황이 해결될 때까지 2주마다 상태 업데이트를 제공할 것을 약속했습니다.
Wellfield Technologies (OTC:WFLDF) a annoncé un possible retard dans la finalisation de ses déclarations annuelles pour l'exercice clos le 31 mars 2025. La société a demandé une Ordonnance Temporaire d'Interdiction de Négociation pour la Direction (MCTO) auprès de la Commission des Valeurs Mobilières de la Colombie-Britannique. Ce retard est attribué à plusieurs facteurs, notamment la scission en cours de Tradewind Markets, les impacts du conflit au Moyen-Orient sur le personnel, un désalignement temporaire avec l'auditeur KRP, et la récente nomination d'un CFO.
Si elle est accordée, la MCTO limitera les transactions des initiés de la société tout en permettant aux autres parties de continuer à négocier. Wellfield prévoit de finaliser les déclarations annuelles d'ici le 31 août 2025, dépassant ainsi la date limite initiale du 29 juillet 2025. La société s'engage à fournir des mises à jour bihebdomadaires jusqu'à la résolution de la situation.
Wellfield Technologies (OTC:WFLDF) hat eine mögliche Verzögerung bei der Fertigstellung seiner Jahresabschlüsse für das am 31. März 2025 endende Geschäftsjahr angekündigt. Das Unternehmen hat bei der British Columbia Securities Commission einen vorübergehenden Management-Handelssperrbefehl (MCTO) beantragt. Die Verzögerung ist auf mehrere Faktoren zurückzuführen, darunter die laufende Ausgliederung von Tradewind Markets, Auswirkungen des Nahostkonflikts auf das Personal, eine vorübergehende Fehlanpassung mit dem Wirtschaftsprüfer KRP und die kürzliche Ernennung eines CFO.
Wenn genehmigt, wird das MCTO den Handel von Insidern des Unternehmens einschränken, während anderen Parteien weiterhin der Handel erlaubt bleibt. Wellfield erwartet, die Jahresabschlüsse bis zum 31. August 2025 abzuschließen und verpasst damit die ursprüngliche Frist vom 29. Juli 2025. Das Unternehmen verpflichtet sich, bis zur Lösung der Situation alle zwei Wochen Statusupdates bereitzustellen.
- None.
- Potential delay in completing annual financial filings beyond the July 29, 2025 deadline
- Application for Management Cease Trade Order (MCTO) restricting insider trading
- Multiple operational challenges including staffing issues and audit process delays
- Recent CFO transition adding to filing complications
Toronto, Ontario--(Newsfile Corp. - July 17, 2025) - Wellfield Technologies Inc. (TSXV: WFLD) (OTC Pink: WFLDF) (FSE: K8D) (the "Company" or "Wellfield") announces a potential delay and default in the completion of its Annual Filings (as defined below), and the making of an application to the British Columbia Securities Commission (the "BCSC"), as principal regulator, to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 — Management Cease Trade Orders ("NP 12-203"). If granted, the MCTO will prohibit trading in securities of the Company, whether direct or indirect, by certain insiders of the Company, but will not restrict trading by other parties.
The Company anticipates that it may be unable to complete its annual filings for the financial year ended March 31, 2025, which are comprised of its audited financial statements and related annual management's discussion and analysis (MD&A) for the financial year ended March 31, 2025, as required under Part 4 and Part 5, respectively, of National Instrument 51-102 — Continuous Disclosure Obligations, and related certifications of such filings by the Company's chief executive officer and chief financial officer as required under Part 4 of National Instrument 52-109 — Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Annual Filings"), by the filing deadline of July 29, 2025.
Although the Company is working diligently with its auditor, Kingston Ross Pasnak LLP ("KRP")., the Company is applying for the MCTO in anticipation of an expected delay in completion of the Annual Filings because of: (i) the preparations and extra work imposed on the Issuer in the context of the ongoing Tradewind Markets Inc.'s spin-off (as previously announced by the Company on September 6, 2024), (ii) certain geopolitical events, notably the conflict in the Middle East having temporarily reduced staffing of the Issuer, slowing down the audit process, (iii) temporary misalignment of staffing with KRP; and (iv) the fact that the Issuer has only recently appointed a new Chief Financial Officer.
The Company is working diligently and expeditiously with KRP in order to complete the Annual Filings as soon as practicable, and currently anticipates that it will be a position to remedy any filing default and return to compliance by completing the Annual Filings on or before August 31, 2025.
Until the Annual Filings are completed, the Company will comply with the alternative information guidelines set out in NP 12-203, including by issuing bi-weekly default status reports by way of further news releases.
The Company will provide a further announcement if the BCSC determines not to accept the Company's application for an MCTO, or if the application for the MCTO is withdrawn.
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama, provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products.
Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
(832) 483-2575
Ryan Graybill, Investor Relations
ryan.graybill@wellfield.io
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has approved nor disapproved the contents of this news release, nor do they accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this release constitute forward-looking statements or information under Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "will", "expects", "anticipates" or variations of such words and phrases or statements that certain actions, events or results "will" occur. In particular, forward-looking statements in this release include statements regarding: the anticipated delay in the filing of the Annual Filings; the anticipated timing for the filing of the Annual Filings; and the potential issuance of the MCTO. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including that the Annual Filings may not be completed in the time anticipated and that the MCTO may not be issued, in which case a general cease trade order may be issued with respect to the Company's securities. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company cautions readers of this news release not to place undue reliance on the forward-looking statements contained in this release as many factors could cause actual results or conditions to differ materially from current expectations. Additional information on these and other risk factors that could affect the Company's operations are outlined in the Company's continuous disclosure documents that can be found on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. The Company does not intend and disclaims any obligation, except as required by law, to update or revise any forward-looking statements, whether because of new information, future events, or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259172
FAQ
Why is Wellfield Technologies (WFLDF) delaying its annual financial filings?
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When does Wellfield Technologies expect to complete its delayed annual filings?
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