TORONTO –
Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN) (OTCQX: KHRNF) announced today that, further to its press release dated April 17, 2023, the Ontario Securities Commission (the “OSC”) has denied the Company’s application for a management cease trade order (the “MCTO”) in connection with its delay in filing its audited annual financial statements (the “Financial Statements”), management’s discussion and analysis (“MD&A”) and related Chief Executive Officer and Chief Financial Officer certifications (collectively with the Financial Statements and MD&A, the “Annual Filings”) for the financial year ended December 31, 2022, on or before the prescribed deadline of May 1, 2023 (the “Filing Deadline”), as a result of the change in the Company’s CFO. The OSC does not view the Company as having met all of the eligibility criteria for the MCTO set out in National Policy 12-203 – Management Cease Trade Orders, and as a result, has issued a failure-to-file cease trade order (the “CTO”) pursuant to National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions for the failure to file the Annual Filings by the Filing Deadline. The CTO will remain in effect until the Annual Filings have been filed and will prohibit trading in the Company’s securities by any person in each jurisdiction in Canada in which the Company is a reporting issuer, for so long as the CTO remains in effect.
The Company’s CFO, Mr. Michael O’Connor, has begun transitioning into the role and is working with the Company’s appointed auditors to complete the Annual Filings as soon as possible. The Company is targeting to have the audit of the Financial Statements completed, and the Annual Filings filed, by May 31, 2023, and in any event on or before June 29, 2023.
Please refer to the Company’s press release dated April 17, 2023 for additional information, including reasons for the Company’s anticipated delay in filing the Annual Filings by the Filing Deadline. The Company will issue a further news release once the Annual Filings have been made. There is no assurance that the Company will be able to remedy its filing default and have the CTO revoked in a timely manner or at all.
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.
About Khiron Life Sciences Corp.
Khiron is a leading global medical cannabis company with core operations in Latin America and Europe. Leveraging wholly owned medical health clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific expertise, product innovation, and focus on creating access to drive prescriptions and brand loyalty with patients worldwide. The Company has a sales presence in Colombia, Germany, the United Kingdom, Switzerland, Peru, and Brazil. The Company is led by its co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and board of directors.
For more information regarding Khiron, please investors.khiron.ca.
Linkedin linkedin.com/company/khiron-life-sciences-corp.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities laws (collectively, “forward-looking information”). Forward-looking information are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking information in this press release includes, without limitation, statements relating to the timing, review, completion and filing of the Annual Filings; and the issuance, duration and subsequent revocation of the CTO by the OSC and the timing thereof.
Developing forward-looking information involves reliance on several assumptions and considerations of certain risks and uncertainties, some of which are specific to Khiron and others that apply to the industry generally.
The risk factors and uncertainties that could cause actual results to differ materially from the anticipated results or expectations expressed in this press release, include, without limitation: that the Company may not complete its audit of the Financial Statements and file the Annual Filings as currently anticipated, or at all; adverse market conditions; and other risk factors described from time to time in Khiron’s OTC and Canadian securities filings.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
