Stockwatch

Modern Plant Based Foods Inc
Symbol	MEAT
Shares Issued	66,810,087
Close 2024-01-03	C$ 0.08
Market Cap	C$ 5,344,807
Recent Sedar Documents

Modern Plant late to file fiscal 2023 results

2024-01-03 20:05 ET - News Release

Subject: Modern Plant News release re MCTO 2023 FINAL[1] Word Document File: '\\swfile\EmailIn\20240103 165706 Attachment Modern Plant News release re MCTO 2023 FINAL[1].docx' - 2 - Error! Unknown document property name. 030124/1655/W97 1398-9380-8137, v. 1 MODERN PLANT BASED FOODS INC. ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS Vancouver, British Columbia, January 3, 2024 - Modern Plant Based Foods Inc.(the "Company") (CSE: MEAT) announces a delay with regard to the filing of its annual financial statements for the year ended August 31, 2023 and the related management's discussion and analysis and certifications (collectively, the "Annual Filings") by the filing deadline of December 29, 2023. The Company's former auditor, Dale Matheson Carr-Hilton Labonte LLP resigned as auditor on November 9, 2023. The Company retained a new qualified auditor, Sam S. Mah Inc. (the "Successor Auditor") effective November 11, 2023. The Company worked with its former and successor auditor to prepare and file the Notice of Change of Auditor reporting package required to be filed under section 4.11 of National Instrument 51-102 Continuous Disclosure Obligations, which was filed on November 20, 2023. Following its appointment, the Company's Successor Auditor requires additional time to review and become familiar with the Company's records and operations to allow him to properly undertake the required audit process. A result, the Company has is experiencing delays in its audit process and the procedures required to complete the audit of the annual financial statements. The Company expects to file the Annual Filings on or before January 31, 2024. The Company will issue a news release once the Annual Filings have been filed. In connection with the Company's inability to file the Annual Filings on time, the Company has applied for and been granted a management cease trade order (an "MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed. During the MCTO, the general investing public will continue to be able to trade in the Company's common shares listed on the Canadian Securities Exchange. However, the Company's Chief Executive Officer and Chief Financial Officer will not be able to trade in the Company's shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of December 29, 2023. The Company is not currently subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Filings, the Company confirms that it will also file material change reports on SEDAR containing such information. Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes, but is not limited to, statements regarding the timing, review, completion and filing of the Annual Filings, and duration of the MCTO; business goals and objectives of the Company, and other forward-looking information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: the Company may not complete its audit and file the Annual Filings as currently anticipated, or at all; the Company will be subject to a general cease trade order in the event that the Annual Filings are not completed and filed; and other related risks as more fully set out in the documents disclosed under the Company's filings at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete and file the Annual Filings. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.