Toronto, Ontario--(Newsfile Corp. - October 26, 2022) - Personas Social Incorporated (TSXV: PRSN) (the "Company") announces that the TSX Venture Exchange (the "Exchange") issued a bulletin on October 25, 2022 to downgrade the Company from a Tier 1 Issuer to a Tier 2 Issuer and that the Company's securities will remain suspended from trading due to the Cease Trade Order issued by the Ontario Securities Commission ("OSC") that was issued on May 6, 2022 (the "CTO").
The move to a Tier 2 Issuer is a result of the Company not meeting certain of the continued listing requirements for a Tier 1 Issuer in accordance with Exchange Policy 2.5.
The Company announced on May 9, 2022 that its audited annual financial statements, management's discussion and analysis and CEO and CFO certifications for the year ended December 31, 2021 (the "Annual Filings") were not filed prior to the prescribed deadline, and as a result the OSC issued the CTO. The Company on August 2, 2022 and August 5, 2022 filed its Annual Filings and then on August 24, 2022 filed its interim financial statements, management's discussion and analysis and CEO and CFO certifications for the three-month period ended March 31, 2022 and on September 8, 2022 filed its interim financial statements, management's discussion and analysis and CEO and CFO certifications for the six-month period ended June 30, 2022 (collectively the "Required Filings"). The Company has completed its Required Filings and is currently up to date on its continuous disclosure.
On October 4, 2022, the Company made an application to the OSC for a full revocation of the CTO (the "Application"). The Application is currently under review and the Company is working with the OSC to obtain this order. There is no guarantee or assurance that the CTO will be partially and/or fully revoked.
The securities of the Company are currently suspended for trading on the Exchange and to resume trading a reinstatement application will have to be made by the Company to the Exchange. Reinstatement of trading on the Exchange can occur only when the CTO has been fully revoked and the Exchange has concluded its reinstatement review to ensure the Company has satisfactorily complied with Exchange requirements. The Company plans to continue to work with the OSC on the Application in order to obtain a fully revocation of the CTO, and if obtained, then the Company plans to apply to the Exchange for reinstatement of trading, notwithstanding, there is no guarantee or assurance that the full revocation of the CTO and/or reinstatement or trading will be completed.
About Personas
Personas Social Incorporated is a Canada-based company engaged in the business of offering live video conferencing technology, live streaming, social media products and services for use by consumers and businesses, with a focus on mobile (iOS and Android) products. It focuses on providing social commerce-enabled products which allow for a monetizable user experience to all users, consumers and businesses alike. The company accomplishes this by offering products which are complete with enterprise-grade e-commerce infrastructure including multi-currency, multi-lingual, turnkey mobile commerce suites for users.
For further information, please contact:
Personas Social Incorporated
Mark Itwaru
Chairman & Chief Executive Officer
Telephone: 647-789-0074
Email: mark@personas.com
Forward Looking Statements
This news release may contain forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulations. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
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