Personas Social Incorporated (the “Company“) PRSN announces that further to the Company’s press release dated April 14, 2022, the Company has received notice from the Ontario Securities Commission (the “OSC“) that the OSC has not accepted the Company’s management cease trade order (the “MCTO“) application and the OSC has instead issued a cease trade order (the “CTO“). The Company applied for the MCTO as it anticipated it would be unable to file its audited annual financial statements, accompanying management’s discussion and analysis and related CEO and CFO certifications for the year ended December 31, 2021 (the “Annual Filings“) by the prescribed deadline of May 2, 2022. The MCTO would have allowed the Company’s shares to continue to trade while applying a cease trade order to the Chief Executive Officer and Chief Financial Officer, however the MCTO was not granted.
The CTO issued effective May 6, 2022, will prohibit the trading by any person of any securities of the Company, including trades in the Company’s common shares made through the TSX Venture Exchange. The CTO will not affect trading of the Company’s shares on US exchanges. The Company expects the CTO to remain in place until such time as the Annual Filings and all continuous disclosure requirements have been filed and the Company receives an order from the OSC revoking the CTO.
The Company’s board of directors and its management confirm that they are working with the Company’s auditors to have the Company’s Annual Filings completed. The Company will issue a further press release when the Annual Filings have been made.
The Company confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
Forward Looking Statements
This news release contains forward-looking statements relating to the expected timing of the filing of the Annual Filings. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation’s expectations are risks detailed from time to time in the filings made by the Corporation with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Corporation will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
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