SPRX - Sparx Announces Delay of Filings
(TheNewswire)
Vancouver, British Columbia, Canada - TheNewswire - October 30, 2023 - SparxTechnology Inc. (the “ Company ”) (TSXV:SPRX) announces that itanticipates a delay in filing its financial statements for the periodended June 30, 2023, and the related management’s discussion andanalysis, and CEO and CFO certifications (collectively, the “ Required Filings ”), which arerequired to be filed on or before October 30, 2023 (the “ Filing Deadline ”). The expecteddelay in filing the Required Filings is due to a delay in payment of audit fees, which have sincebeen resolved.
The Company applied to the British Columbia Securities Commission (the“ BCSC ”), the Company’sprincipal securities regulator in Canada, for the issuance of amanagement cease trade order (“ MCTO ”) under the provisions of National Policy 12-203 – Management Cease Trade Orders (“ NP 12-203 ”) to begranted in connection with the late filing of the Required Filings, soas to permit the continued trading in the Company’s common shares bypersons other than the Company’s Chief Executive Officer, ChiefFinancial Officer and such other directors, officers and persons asdetermined by the applicable regulatory authorities. The BCSCdetermined that the Company was not entitled to the MCTO as theCompany’s shares did not meet the requirements in NP 12-203 withrespect to having an “active, liquid market”, and informed theCompany that staff of the BCSC will issue a failure-to-file ceasetrade order (an “ FFCTO ”)for the failure to file the Required Filings by the Filing Deadline.Once issued, the FFCTO will remain in effect until the RequiredFilings are filed and will prohibit trading in the Company's commonshares by any person in each jurisdiction in Canada in which theCompany is a reporting issuer, for as long as the FFCTO remains ineffect. If the default is remedied within 90 days of the date of theFFCTO, including any annual or interim financial statements,management's discussion and analysis, and Chief Executive Officer andChief Financial Officer certificates that subsequently become due, thefiling of the Required Filings will constitute an application torevoke the FFCTO.
The Company will continue to work diligently with its auditor tocomplete the audit and file the Required Filings. There is noassurance that the Company will be able to remedy its filing defaultand have the FFCTO revoked in a timely manner or at all.
ON BEHALF OF THE BOARD ofDIRECTORS
Al Thorgeirson
Chief Executive Officer and Director
For furtherinformation please contact:
Email: invest@sparxtechnology.com
Phone: (778) 732-5055
Forward-Looking Information
This news release contains “forward-looking information” withinthe meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included hereinare forward-looking information. In particular, this news releasecontains forward-looking information regarding: the ability of theCompany to work with its auditor to complete the audit and file theRequired Filings or any subsequent required filings, the revocation ofthe FFCTO. ?There can be no assurance that such forward-lookinginformation will prove to be accurate, and actual results and futureevents could differ materially from those anticipated in suchforward-looking information. This forward-looking information reflectsthe Company’s current beliefs and is based on information currentlyavailable to the Company and on assumptions the Company believes arereasonable. These assumptions include, but are not limited to, theability of the Company to complete the Required Filings.Forward-looking information is subject to known and unknown risks,uncertainties and other factors that may cause the actual results,level of activity, performance or achievements of the Company to bematerially different from those expressed or implied by suchforward-looking information. Readers are further cautioned not toplace undue reliance on forward-looking information as there can be noassurance that the plans, intentions or expectations upon which theyare placed will occur. Forward-looking information contained in thisnews release is expressly qualified by this cautionary statement. heforward-looking information contained in this news release representsthe expectations of the Company as of the date of this news releaseand, accordingly, is subject to change after such date. However, theCompany expressly disclaims any intention or obligation to update orrevise any forward-looking information, whether as a result of newinformation, future events or otherwise, except as expressly requiredby applicable securities law.
Neither the TSX Venture Exchange norits Regulation Service Provider (as that term is defined under thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
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