Generative AI Options Corp. (“GenAI” or the “Firm”) is offering this replace to its beforehand introduced administration stop commerce order (the “MCTO”) granted by the British Columbia Securities Fee (the “OSC”) underneath Nationwide Coverage 12-203 – Administration Stop Commerce Orders (“NP 12-203”).
Pursuant to the MCTO, the Company’s CEO, Patrick Grey, and the Company’s CFO, Paul Ciullo, might not commerce in securities of the Company till such time because the Company information its annual audited monetary statements, annual administration’s dialogue and evaluation and associated certifications for the yr ended January 31, 2025 (collectively, the “Annual Filings”), and the BCSC revokes the MCTO.
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The MCTO doesn’t have an effect on the power of shareholders, apart from the Firm’s CEO and CFO, to commerce their securities.
The submitting of the Firm’s unaudited interim monetary statements, administration’s dialogue and evaluation and associated CEO and CFO certifications for the three-months ended April 30, 2025 (the “Interim Filings”, and along with the Annual Filings, the “Required Paperwork”), have additionally been delayed because of this within the delay in finishing the Annual Filings. The Firm expects the Interim Filings to be filed concurrently with the Annual Filings.
The Firm is working diligently with its auditors and expects that the Required Paperwork will likely be filed as quickly as doable. The MCTO will stay in impact till two full enterprise days following the receipt by the OSC of all filings the Firm is required to make underneath relevant securities regulation (together with the Required Paperwork).
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As beforehand reported, the delay is exterior of the Firm’s management and due solely to high quality evaluate of audit procedures and monetary evaluate procedures of their exterior auditor, together with in respect of the remedy of sure acquisitions of the Firm and their presentation within the monetary statements.
The Firm confirms that it intends to fulfill the provisions of NP 12-203 and difficulty bi‑weekly default standing experiences for as long as the Firm stays in default of the monetary assertion submitting requirement, containing any materials adjustments to the data on this launch, all actions taken by the Firm to treatment the default; particulars of any failure by the Firm to meet these provisions, any subsequent defaults of the Firm requiring a default announcement and every other materials info regarding the affairs of the Firm not beforehand disclosed.
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