Organto Foods Inc. Provides Update on Management Cease Trade Order for Late Filings of Annual Financial Statements
Organto Foods Inc., a prominent provider of organic and non-GMO fruit and vegetable products, is currently under a management cease trade order (MCTO) due to the late filing of its annual financial statements for the year ended December 31, 2023. The British Columbia Securities Commission granted the MCTO on May 1, 2024, prohibiting the Co-Chief Executive Officers and the Chief Financial Officer from trading in securities of the company until the Annual Filings are submitted and the MCTO is revoked.
The company is diligently working with its accounting team to finalize the Annual Filings by June 28, 2024. In the meantime, Organto plans to comply with alternative information guidelines and issue bi-weekly default status reports. Despite the delay in filing, there have been no material changes or defaults by the company, and it is not subject to any insolvency proceedings.
Organto is known for its commitment to sustainable business practices and providing organic and non-GMO products to health-conscious consumers globally. The company’s business model focuses on environmental responsibility and supporting the communities where it operates.
Investors and stakeholders can expect further updates as Organto works towards resolving the MCTO and submitting the required financial statements. For more information, interested parties can contact John Rathwell, Senior Vice President of Investor Relations & Corporate Development, at 647 629 0018 or info@organto.com.
This news story highlights the challenges faced by Organto Foods Inc. and its dedication to transparency and compliance in the financial reporting process. Stay tuned for more updates on this developing situation.