RABI:CC - Adrabbit Limited Provides Third Bi-Weekly MCTO Status Update
(TheNewswire)
Vancouver, B C - TheNewswire - June 14, 2023 - AdRabbit Limited (TSXV:RABI) (the " Company ") isproviding a bi-weekly default status update in accordance withNational Policy 12-203 – Management Cease Trade Orders (“ NP 12-203 ”).
After the initial default announcement on April 19,2023 (the “ DefaultAnnouncement ”), the Company made anapplication to its principal regulator, the British ColumbiaSecurities Commission (“ BCSC ”) under the NP 12-203 requesting that amanagement cease trade order (the “ MCTO ”) be imposedas it was anticipated that it will not file its audited financialstatements for its fiscal year ended December 31, 2022 (the" 2022 Annual FinancialStatements "), its management's discussionand analysis relating thereto and Chief Executive Officer(“ CEO ”) and Chief Financial Officer (“ CFO ”) certificatesrelating to the 2022 Annual Financial Statements (collectively, the" Annual RequiredFilings ") before the prescribed deadline ofMay 1, 2023.
Subsequently, in the press release dated May 3, 2023,the Company announced that BCSC approved the Company’s applicationfor and granted a MCTO. The MCTO prohibits the CEO and CFO of theCompany from trading in the Company's securities for so long as theAnnual Required Filings are not filed. The issuance of such ceasetrade order does not generally affect the ability of persons who arenot directors, officers, or other insiders of the Company to trade inthe Company's securities.
As a result of the delay in completing the AnnualRequired Filings, the Company also announced that the filings of itsunaudited interim financial statements, management’s discussion andanalysis and related CEO and CFO certificates for the three-monthsended March 31, 2023 (the “ Interim Required Filings ” and together withthe Required Filings, the “ Required Filings ”), would also be delayedbeyond the filing deadline of May 30, 2023.
The Company expects to file the Annual Required Filingsand Interim Required Filings concurrently by the end of June2023.
The MCTO will remain in effect until two full businessdays following the receipt by the BCSC of all filings that the Companyis required to make under British Columbia securities law (includingthe Required Filings).
Other than as set out herein, the Company reports thatsince the Default Announcement: (i) there is no material change to theinformation set out in the Default Announcement that has not beengenerally disclosed; (ii) there has been no failure by the Company infulfilling its stated intentions with respect to satisfying theprovisions of the alternative information guidelines set out in NP12-203; (iii) there has not been any other specified default by theCompany under NP 12-203; and (iv) there is no other materialinformation concerning the affairs of the Company that has not beengenerally 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 THE TSX VENTURE EXCHANGE INC.NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THEPOLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY ORACCURACY 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. These statements are based uponassumptions that are subject to significant risks and uncertainties.Forward-looking statements in this news release include, but are notlimited to, the expected completion of the audit and the filing ofRequired Filings and the expected remediation of the continuousdisclosure default, including expected revocation of the MCTO at afuture date. There are a number of risks and uncertainties related tothese forward-looking statements, which include, but are not limitedto: 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, the actual results, expectations,achievements or performance may differ materially from thoseanticipated and indicated by these forward-looking statements.Although the Company believes that the expectations reflected inforward-looking statements are reasonable, it can give no assurancesthat the expectations of any forward-looking statement will prove tobe correct.
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. Except as required by law,the Company disclaims any intention and assumes no obligation toupdate or revise any forward-looking statements to reflect actualresults, whether as a result of new information, future events,changes in assumptions, changes in factors affecting suchforward-looking statements or otherwise. Accordingly, investors shouldnot place undue reliance on forward-looking statements. All theforward-looking statements are expressly qualified by the foregoingcautionary statements.
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