Indiva Granted Management Cease Trade Order
LONDON, ONTARIO, May 3, 2021 – Indiva Limited (“Indiva” or the “Company“) (TSX-V: NDVA) (OTCQX: NDVAF) announces that its principal regulator, the Ontario Securities Commission, has accepted the Company’s application for, and has granted, a management cease trade order (the “MCTO“). As previously announced on April 23, 2021, the Company applied for the MCTO due to a delay in filing its annual audited financial statements for the year ended December 31, 2020, its related Management’s Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications (the “Required Filings“) which were due April 30, 2021.
The MCTO restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in the securities of the Company.
The Company’s management is diligently working with its auditors to expedite the finalization and filing of the Required Filings. Indiva is not aware of any specific accounting or audit concerns at this time. Indiva anticipates that, with the benefit of additional time and likely no later than May 14, 2021, it will be in a position to complete the Required Filings, including receiving an unqualified audit opinion on the year-end financial statements. The Company will announce details regarding the announcement and release of financial results and the conference call timing in the coming days.
During the MCTO, the Company confirms that it will comply with the provisions of the alternative information guidelines as set out in the National Policy 12-203 – Management Cease Trade Orders, including issuing bi-weekly default status reports in the form of a news release, so long as it remains in default of the filing requirements set out above. The Company confirms that there is no material information concerning the affairs of the Company that has not been generally disclosed as of the date of this news release.
Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policies enacted to protect Canadians.
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
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Disclaimer and Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s ability to file the Required Filings in the time required, dependence upon regulatory approval, the failure of third parties to comply with their obligations to the Company or its affiliates, risks related to COVID-19, future operations, future results, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain and maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry, future sales, the demand for the Company’s products and cannabis products generally and the continued operations of the Company in the ordinary course. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.