Irwin Naturals says BC Securities Commission issues failure-to-file CTO

Irwin Naturals announces that the British Columbia Securities Commission has issued a failure-to-file-cease trade order pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions in respect of the securities of the Company as a result of the Company not having filed its annual financial statements and management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2022 which were required to be filed by May 1, 2023. The CTO prohibits the trading, whether direct or indirect, by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer for as long as the CTO remains in effect, subject to certain limited exceptions. The delay in filing the Required Filings is a result of additional time required by the auditor to review several acquisitions completed by the Company during the 2022 fiscal year. The Company has also entered into multiple definitive agreements during the 2022 fiscal year, which has required considerable time and resources from the finance department of the Company and the auditor. For further details related to these events, please refer to the Company’s press releases and the Company’s interim financial statements for the period ended September 30, 2022 and the accompanying Management’s Discussion and Analysis. The Company is continuing to work with the auditor to complete the Required Filings as soon as possible, at which point the Company will seek to have the CTO revoked. However, there is no assurance that the Company will be able to remedy its filing default and have the CTO revoked in a timely manner or at all.