KetamineOne Capital Limited, a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, announces that, as a result of delays to its audit, the Company’s annual financial statements, annual information form and accompanying management’s discussion and analysis for the fiscal year ended July 31, 2021 (the “Annual Filings”) were not finalized by October 29, 2021, being the date that such filings are due under applicable Canadian securities law requirements. The Company has applied for, and has been granted, a management cease trade order (the “MCTO“) by the British Columbia Securities Commission.
The reason for the anticipated default is due to the integration of a subsidiary acquired during the fiscal year, the complexity of the acquisition transactions and various delays caused by the COVID-19 pandemic that have resulted in the Company not having adequate time and resources available to complete the audit on time. The Company is working with its auditor, Macias Gini & O’Connell LLP, to complete the audit in a timely manner. During the MCTO, the general investing public will continue to be able to trade in the Company’s listed common shares. However, the Company’s Interim Chief Executive Office and Chief Financial Officer will not be able to trade in the Company’s common shares.
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The Company currently expects to file the Annual Filings on or before November 29, 2021 and will issue a news release announcing the completion of the filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.
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