VANCOUVER, BC / ACCESS Newswire / April 17, 2025 / Cypher Metaverse Inc. (CSE:CODE) ("Cypher" or the "Company") today announces that the filing of its audited annual financial statements, management's discussion and analysis and related CEO and CFO certifications for the financial year ended December 31, 2024 (the "Required Filings"), will be delayed beyond the filing deadline of April 30, 2025, and as a result will be in default of its obligations under Part 4 of National Instrument 51-102 Continuous Disclosure Obligations. The delay in the completion of the Required Filings is as a result of a change in the auditor of Cypher. Cypher's former auditor, PKF Antares Professional Corporation, has provided notice that they would be resigning as auditor of the Company. As a result, Cypher is working expeditiously to engage a replacement auditor of the Company and, as a result, has delayed filing of the Required Filings to ensure its new auditor can finalize their audit review once appointed.
The Company has made an application to the British Columbia Securities Commission (the "BCSC") for a management cease trade order (the "MCTO"), which would restrict all trading in securities of the Company, whether direct or indirect, by management of the Company. The MCTO does not generally affect the ability of shareholders who are not insiders of the Company to trade their securities. There is no certainty that the MCTO will be granted.
The Company is working expeditiously to replace its auditor and to complete the audit of its 2024 annual financial statements as soon as possible. Cypher plans to remedy the default and file the Required Filings as soon as it is able to do so and expects such filing to occur on or prior to June 30, 2025. The Company also intends to satisfy the provisions of the alternate information guidelines of Section 10 of National Policy 12-203 Management Cease Trade Orders as long as it is in default of the filing requirements.
The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.
About Cypher Metaverse Inc.
Cypher focuses on identifying and investing in early-stage opportunities across the digital landscape, participating in blockchain projects, including proof of work mining, proof of stake cryptocurrencies, and decentralized finance. The Company engages in digital experiences, collectively referred to as "the Metaverse" which include non-fungible token-based gaming experiences.
The Company leverages its strategic relationships to drive innovation and growth, creating new possibilities and opportunities. Further information about Cypher can be found on the Company's website at www.cypher-meta.com, along with its SEDAR+ profile accessible at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contain these identifying words.
More particularly and without limitation, the forward-looking information in this news release includes (i) expectations regarding the Company's business plans and operations; (ii) expectations concerning the MCTO; and (iii) expectations regarding the timing of filing the Required Filings. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company.
Whether actual results, performance, or achievements will conform to Cypher's expectations and predictions is subject to a number of known and unknown risks and uncertainties, which could cause actual results and experience to differ materially from Cypher's expectations. Such material risks and uncertainties include: (i) risks and uncertainties associated with the digital currency industry and decentralized finance; (ii) political, economic, regulatory and other uncertainties in respect of digital currencies; and (iii) consumer sentiment towards blockchain technology generally, decrease in the price of other cryptocurrencies.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
Contact Information
For further information, please contact:
George Tsafalas | President & CEO | |
1 (778) 373-8578 |
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info@cypher-meta.com |
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www.cypher-meta.com |
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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of this release.
SOURCE: Cypher Metaverse Inc.
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