August 29, 2024 – Aion Therapeutic Inc., a company based in Toronto, Ontario, announced today that the British Columbia Securities Commission (BCSC) has granted a management cease trade order (MCTO) in response to the Company’s application. The MCTO provides the Company with an extension until October 28, 2024, to submit its annual audited consolidated financial statements for the financial year ending April 30, 2024, along with the relevant accompanying documents.
Due to the acquisition of Toppen Health, Inc. on December 15, 2023, the Company’s independent auditor requires valuations for Toppen both at the acquisition date and as of April 30, 2024. Additionally, an impairment testing of intangibles and goodwill of the Company as of April 30, 2024 is also necessary. The company’s management is actively working on providing the required valuations and impairment testing to the auditor to facilitate the completion of the audit report for the year ended April 30, 2024.
The Company is diligently striving to finalize the 2024 Financial Disclosure as soon as possible and aims to complete it no later than October 28, 2024, in compliance with the terms of the MCTO. The Company acknowledges the regulations outlined in National Policy 12-203 regarding Management Cease Trade Orders and will provide bi-weekly default status reports during this period of non-compliance.
As part of its commitment to transparency, the Company affirms its intention to comply with the alternative information guidelines set forth in NP 12-203 for the duration of the default period. The Company also assures stakeholders that there are no insolvency proceedings ongoing and that all material information pertaining to the Company’s affairs has been disclosed.
Aion Therapeutic Inc. is a forward-looking business operating in the health and wellness sector with an extensive portfolio of intellectual property. Through innovation and transformative solutions, the Company aims to redefine the boundaries of health and wellness. Toppen, a subsidiary of Aion Therapeutic, specializes in providing cutting-edge water filtration solutions that prioritize innovation, affordability, and sustainability.
This press release contains forward-looking information in accordance with Canadian securities legislation. The Company cautions readers that forward-looking statements involve inherent risks and uncertainties, and actual results may differ from those expressed or implied. The Company will continue to update stakeholders on any developments in the matter.
It is important to note that the securities of the Company have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the U.S. without proper registration or exemption. This press release is for informational purposes only and does not constitute an offer to sell or solicit the purchase of securities.
For the complete source version of this press release, please visit the following link: [Source Link].
