November 28, 2018 / TheNewswire / Vancouver, BC – Astron Connect Inc. (TSXV:AST) (the “Company“) announces that as required under Section 10 of NP 12-203, the Company is providing another update to our press release dated October 30, 2018 which announced that the Company had applied for and had received a management cease trade order (“MCTO“) which took effect the same day.
As of June 30, 2018, the Company (then known as Exalt Capital Corp.) was a capital pool company pursuant to the policies of the TSX Venture Exchange; accordingly, it had no business other than to search for a business to acquire as its qualifying transaction, and no material assets other than cash. Through a three cornered amalgamation, the Company completed its qualifying transaction, being the acquisition of Sachiel Connect Inc. (the “QT“), on August 28, 2018. It was not a term of the QT that the Company adopt the fiscal year end date of Sachiel Connect Inc. (the “Target”) but the Company has changed its year end to September 30 to coincide with that of the Target. However, pursuant to section 3.8(2) of 51-102 CP Continuous Disclosure Obligations the Company is required to file audited annual financial statements notwithstanding that the Company did not carry on active business as at June 30, 2018.
Application for the MCTO was made in anticipation that the Company would not meet the filing deadline for the annual financial statements, management discussion and analysis and executive certificates for the year ended June 30, 2018 (the “required filings“). The Company anticipates completing the required filings by December 14, 2018. Management continues to work diligently with the Company’s auditors to rectify the situation as soon as possible.
The MCTO will remain in effect until the Company is no longer in default with respect to its filing requirements and the British Columbia Securities Commission lifts the cease trade order. During that time, the Company will comply with the alternative information guidelines as prescribed by National Policy 12-203 – Management Cease Trade Orders.
ON BEHALF OF THE BOARD
Chief Financial Officer and Corporate Secretary
Neither the 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 news release.
Copyright (c) 2019 TheNewswire – All rights reserved.