VANCOUVER, British Columbia, June 15, 2020 (GLOBE NEWSWIRE) — Nabis Holdings Inc. (CSE: NAB) (OTC: NABIF) (FRA: A2PL) (“Nabis” or the “Firm”) broadcasts that its annual monetary statements for the 12 months ended December 31, 2019, together with the associated administration dialogue and evaluation, and CEO and CFO certifications (collectively, the “Annual Monetary Filings”) weren’t filed by the required prolonged submitting deadline of June 15, 2020 granted by the BCSC and different members of the Canadian Securities Directors (the “Annual Monetary Submitting Deadline”).
The Annual Monetary Filings have been unable to be filed on or earlier than the Annual Monetary Submitting Deadline on account of unexpected delays within the completion of the Firm’s audit of the annual monetary statements for the 12 months ended December 31, 2019 (the “2019 Audit”). Previous to the 2019 Audit, Nabis Holdings Inc. was a public issuer with minimal exercise. Throughout fiscal 2019 the Firm grew to become lively within the US Hashish house and bought a number of property within the States of Michigan, Arizona and Washington. As well as, the Firm issued $35M in convertible debentures within the 12 months. Because of the Firm’s elevated degree of exercise, the 2019 Audit was significantly extra advanced and time consuming than anticipated. This coupled with the COVID-19 international pandemic, and particularly the Pandemic Lockdown restrictions in Arizona and Michigan, which have considerably delayed the method of the 2019 Annual Audited Monetary Statements.
The Firm is engaged on the steps required to finish the Annual Monetary Filings and expects to have the ability to file the Annual Monetary Filings by July 15, 2020.
The Firm is engaged on the steps required to finish the interim monetary statements for the three-month interval ended March 31, 2020 (the “Interim Monetary Filings”) and expects to have the ability to file the Interim Monetary Filings by the prolonged submitting deadline of July 16, 2020. The Firm will present updates as additional info referring to the Annual Monetary Filings and Interim Monetary Filings turns into obtainable.
The Firm has utilized to the relevant securities regulatory authorities in respect of the Annual Monetary Filings and acquired a administration stop commerce order (“MCTO”) imposed towards the Chief Govt Officer and Chief Monetary Officer of the Firm precluding them from buying and selling securities of the Firm. The MCTO might be in impact till the Annual Monetary Filings are filed and requires that the Annual Monetary Filings be filed on or earlier than July 15, 2020.
Till the Annual Monetary Filings are filed, the Firm intends to offer info in accordance with Nationwide Coverage 12-203 Administration Stop Commerce Orders.
On behalf of the Board of Administrators,
CEO and Director
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