TORONTO–(BUSINESS WIRE)–AnalytixInsight Inc. (AnalytixInsight, or the Company) (TSX-V: ALY) today provides a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 “ Management Cease Trade Orders (NP 12-203).
As disclosed by the Company in a press release dated May 3, 2024, the Company failed to file its audited financial statements for the year ended December 31, 2023 and the related Management’s Discussion and Analysis and the certifications related to such filings required from the Company’s chief executive officer and chief financial officer (collectively, the Required Filings) by the filing deadline of April 29, 2024 (the Default).
In anticipation of the Default, the Company previously applied to the Ontario Securities Commission (the OSC), as the Company’s principal regulator, for a temporary management cease trade order (MCTO) under NP 12-203. As stated in the Company’s press release dated April 23, 2024 (the Default Announcement), there was uncertainty regarding the Company’s decision-making, and such uncertainty had rendered the Company and its board of directors (the Board) unable to make the determinations necessary to complete the preparation of its financial statements for the year ended December 31, 2023, including in relation to certain disputed expense items, and to take the other actions necessary to finalize, approve and file the Required Filings by the filing deadline of April 29, 2024. The MCTO was issued by the OSC on May 1, 2024, and is expected to remain in effect until two business days after the Default is remedied. The MCTO prohibits trading in securities of the Company, whether direct or indirect, by certain specified parties including each of the Company’s directors and officers. The issuance of the MCTO does not generally affect the ability of persons who are not directors, officers or other insiders of AnalytixInsight to trade in securities of the Company.
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The Company intends to continue to make every effort to complete the Required Filings as soon as possible. In that regard, a meeting of the Board was held on May 7, 2024 (the May 7 Board Meeting), at which matters necessitating approval of the Board related to the Required Filings were discussed, including in respect of the disputed expense items. At this meeting, it was also reported by the Company’s management…
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