RABI:CC - Adrabbit Announces Approval of Management Cease Trade Order
(TheNewswire)
Vancouver, B C - TheNewswire - May 3, 2023 - AdRabbit Limited (TSXV: RABI) (the " Company ") isannouncing that its principal regulator, the British ColumbiaSecurities Commission (“ BCSC ”), has approved the Company’sapplication for, and has granted, a management cease trade order (the“ MCTO ”) on May 3, 2023. After the initial default announcementon April 19, 2023 (the “ Default Notice ”), the Company made anapplication to the applicable securities regulators under the NationalPolicy 12-203 – Cease TradeOrders for Continuous Disclosure Defaults (“ NP 12-203 ”) requesting that a MCTO be imposed as it was anticipatedthat it will not file its audited financial statements for its fiscalyear ended December 31, 2022 (the " 2022 Annual FinancialStatements "), its management's discussionand analysis relating thereto and Chief Executive Officer and ChiefFinancial Officer certificates relating to the 2022 Annual FinancialStatements (collectively, the " Required Filings ") before the prescribed deadline of May 1, 2023.
The MCTO prohibits the chief executive officer andchief financial officer of the Company from trading in the Company'ssecurities for so long as the Required Filings are not filed. Theissuance of such cease trade order does not generally affect theability of persons who are not directors, officers, or other insidersof the Company to trade in the Company's securities.
The Company is also providing in this press release itsbi-weekly default status report in accordance with NP 12-203. Aspreviously announced, the audit of the 2022 Annual FinancialStatements is underway, and the Company continues to expect to filethe Required Filings by the end of May 2023.
Other than as set out herein, the Company reports thatsince the Default Notice: (i) there is no material change to theinformation set out in the Default Notice that has not been generallydisclosed; (ii) there has been no failure by the Company in fulfillingits stated intentions with respect to satisfying the provisions of thealternative information guidelines set out in NP 12-203; (iii) therehas not been any other specified default by the Company under NP12-203; and (iv) there is no other material information concerning theaffairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions ofthe alternative information guidelines under NP 12-203 by issuingbi-weekly default status reports in the form of news releases so longas it remains in default of the filing requirements set outabove.
For further information, pleasecontact:
Noah Hershcoviz, Interim CEO and Director of theCompany
Email: noah@alabs.co
Telephone: (604) 283-6110
NEITHER TSX VENTURE EXCHANGE NOR ITSREGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIESOF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACYOR ACCURACY OF THIS RELEASE.
Caution Regarding Forward-LookingInformation
The information in this news releaseincludes certain information and statements about management's view offuture events, expectations, plans and prospects that constituteforward-looking statements. Forward-looking statements are statementsthat relate to future, not past, events. In this context,forward-looking statements often address expected future events,plans, prospects, business, and financial performance, and oftencontain words such as “anticipate”, “believe”, “plan”,“estimate”, “expect”, and “intend”, statements that anaction or event “may”, “might”, “could”, “should”, or“will” be taken or occur, or other similar expressions. Allstatements, other than statements of historical fact, included hereinare forward-looking statements, including, without limitation,statements regarding the expected completion of the audit and thefiling of Required Filings and the expected remediation of thecontinuous disclosure default, including expected revocation of theMCTO at a future date. Thereare a number of risks and uncertainties related to theseforward-looking statements, which include, but are not limited to:further delays related to the completion of the audit, lack ofavailability of key persons, auditors or staff required to completethe Required Filings by the anticipated date, and other unexpecteditems arising relating to the audit.
Although the Company has attemptedto identify important factors that could cause actual actions, events,conditions, results, performance, or achievements to differ materiallyfrom those described in forward-looking statements, there may be otherfactors that cause actions, events, conditions, results, performance,or achievements to differ from those anticipated, estimated orintended. There can be no assurance that forward-looking statementswill prove to be accurate, as actual results and future events coulddiffer materially from those anticipated in such statements.Forward-looking statements are provided for the purpose of providinginformation about management's expectations and plans relating to thefuture, as at the date they are provided. The Company disclaims anyintention or obligation to update or revise any forward-lookingstatements whether as a result of new information, future events orotherwise, or to explain any material difference between subsequentactual events and such forward-looking statements, except to theextent required by applicable law. Accordingly, investors should notplace undue reliance on forward-looking statements. All theforward-looking statements are expressly qualified by the foregoingcautionary statements.
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