VANCOUVER, BC, CANADA, November 10, 2023 /EINPresswire.com/ — HAVN Life Sciences Inc. (CSE: HAVN) (OTC:HAVLF) (FSE: 5NP) (the “Company” or “HAVN Life”), announces that on November 9, 2023, the British Columbia Securities Commission (the “BCSC”) has issued a general “failure to file” cease trade order pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions (the “CTO”) dated November 9, 2023 in respect of the securities of the Company as a result of HAVN Life’s failure to file its audited financial statements for the year ended April 30, 2023 and the related management’s discussion and analysis and CEO and CFO certificates (collectively, the “Annual Filings”) by the deadline extended pursuant to a management cease trade order originally issued on August 30, 2023, and to file its interim financial results for the quarter ended July 31, 2023, and the related management’s discussion and analysis and CEO and CFO certificates (collectively, the “Q1 Filings”) by November 10, 2023.
The Company’s FY’23 audit currently remains ongoing and as previously disclosed, is experiencing delays caused by the transition to a new audit firm. The CTO will remain in place until such time as the Annual Filings and Q1 filings are filed by the Company, currently expected before December 1, 2023.
The CTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company’s common shares made through the Canadian Securities Exchange, for as long as the CTO remains in effect; however, the CTO provides an exception for beneficial securityholders of the Company who are not currently (and who were not as of November 9, 2023) insiders or control persons of the Company and who sell securities of the Company acquired before November 9, 2023 if both of the following criteria are met: (i) the sale is made through a “foreign organized regulated market”, as defined in section 1.1 of the Universal Market Integrity Rules of the Investment Industry Regulatory Organization of Canada and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.
There is no assurance that the Company will be able to remedy its filing default and have the CTO lifted in a timely manner or at all.
The Company is not currently subject to any insolvency proceedings. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
On Behalf of The Board of Directors
Chief Executive Officer
About HAVN Life Sciences Inc.
Through its research division, HAVN Labs, HAVN Life Sciences has developed an end-to-end supply chain of GMP naturally derived psychedelic compounds for research. With its new line of natural health products, HAVN Life offers a full range of high-quality mushroom and plant extracts that help boost immune function, reduce inflammation and support a healthy lifestyle.
Purchase our products and find out more at yourhavnlife.com, and follow us on Facebook, Twitter, and Instagram.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the CTO, timing as to the Annual Filings and Q1 Filings, and the Company’s business, products and future of the Company’s business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.
HAVN Life Sciences Inc.
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