Vancouver, British Columbia, April 3, 2023 – NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO | OTCQB: NFTFF) ("NFT Tech" or the “Company”), announced today that as a result of delays in completion of its audit, it will miss the deadline of March 31, 2023 to file its financial statements and accompanying management’s discussion and analysis and annual information form for the fiscal year ended December 31, 2022 (the "Annual Filings").
The reason for the default is due in part to a decision by the auditors to reclassify certain revenue items which requires additional information and testing on those revenue streams, and has informed the Company that they will not be in a position to complete the audit in the time required by National Instrument 51-102 – Continuous Disclosure Requirements. The Company will work with the auditors to complete the audit in a timely manner.
Accordingly, the Company has informed staff of the British Columbia Securities Commission ("BCSC") about its anticipated delay in filing the Annual Filings and has received a Management Cease Trade Order ("MCTO") from the BCSC pursuant to Part 4 of National Policy 12-203 – Management Cease Trade Orders ("NP 12-203") pending the filing of the Annual Filings, which MCTO will prohibit the Company's management from trading in the securities of the Company until such time as the Annual Filings are filed. Pursuant to the MCTO, the deadline for NFT Tech to file the Annual Filings is on or before Tuesday May 30, 2023.
The Company currently expects to file the Annual Filings on or before April 14, 2023 and will issue a news release announcing completion of such filings at such time. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203 for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release 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 listed common shares. However, the Company's chief executive officer and chief financial officer will not be able to trade in the Company's shares.
NFT Tech builds products that accelerate web3 adoption by infusing utility into digital assets. The company’s technology is designed to increase consumer engagement, enable digital asset ownership, and discover new business models, making NFT Tech a trusted partner to global brands across many industries, including sports, entertainment, and art. NFT Tech’s award-winning studio is the recipient of the first-ever Cannes Lion for an NFT Activation, one of the most respected and well-known awards in the industry.
NFT Tech is publicly listed on the NEO exchange under the symbol NFT and on OCTQB under the symbol NFTFF. By bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming the new era of the internet while bringing insights and benefits to the public markets.
Wayne Lloyd Executive Chairman firstname.lastname@example.org
+1 (604) 800-5838
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