POMPANO BEACH, FL / ACCESS Newswire / February 5, 2025 / Xcyte Digital Corp. (TSXV:XCYT) ("Xcyte" or the "Company") announces that its principal regulator, the Ontario Securities Commission, has granted the Company its request for a management cease trade order ("MCTO") effective February 4, 2025.
As previously announced on January 17, 2025, the Company applied for the MCTO due to an anticipated delay in filing its audited annual financial statements and related management's discussion and analysis, and certifications for the financial year ended September 30, 2024 (the "Annual Filings"), which were due to be filed on January 28, 2025. The delay in filing the Annual Filings is because: (i) this is the first audit the Company has been required to complete since completion of its Qualifying Transaction in November 2023; (ii) MNP was appointed as the auditor of the Company concurrently with the completion of the Qualifying Transaction and, as such, this is the first audit of the Company conducted by MNP; (iii) the Company completed additional acquisitions during its fiscal year ended September 30, 2024, adding complexity to the audit; and (iv) Michael Ertle has only recently been appointed as the Chief Financial Officer of the Company.
The Company is working diligently and expeditiously with MNP in order to complete the Annual Filings as soon as practicable, and currently anticipates that it will be in a position to remedy any filing default and return to compliance by completing the Annual Filings on or before February 24, 2025.
The MCTO restricts the Company's CEO, CFO, board and management from all trading in securities of the Company until two full business days following the receipt by the Commission of the Annual Filings, or further order of the OSC. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders.
About Xcyte Digital Corp.
Xcyte Digital Corp. (TSXV:XCYT). is a trusted global events technology partner, specializing in next generation event technology for physical, hybrid, virtual, immersive and phone-based events. Combining proprietary technology with a robust partner ecosystem, Xcyte offers both do-it-yourself and managed services, ensuring secure and scalable solutions worldwide. Thousands of clients, from innovative startups to major corporations, rely on Xcyte's cost-effective, multi-platform subscription model to meet their event needs. Xcyte Digital is headquartered in Canada and the USA, with operations across the globe. Visit us at xcytedigital.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Nikhil Thadani
Investor Relations
nik@sophiccapital.com
(647) 777 7501
Randy Selman
Chief Executive Officer and Director
investment@xcytedigital.com
(647) 777 7501
SOURCE: Xcyte Digital
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