Generative AI Solutions Corp. GenAI has issued an update regarding its Management Cease Trade Order (MCTO), originally granted by the British Columbia Securities Commission (BCSC) under National Policy 12-203.
Under the terms of the MCTO, CEO Patrick Gray and CFO Paul Ciullo remain restricted from trading the Company’s securities until the required financial documents are filed and the MCTO is lifted. The order does not restrict other shareholders from trading their securities.
Filing Status:
The Company has delayed the filing of:
- Annual Filings:
Audited financial statements, MD&A, and certifications for the fiscal year ended January 31, 2025. - Interim Filings:
Q1 2025 (three months ended April 30, 2025) unaudited financials, MD&A, and certifications.
The Company intends to file both sets of documents concurrently as soon as the audit process is complete.
Reason for Delay:
The delay is due to external auditor reviews, particularly surrounding the treatment and presentation of recent acquisitions in the financial statements. GenAI notes this is outside of its control and continues to work diligently with its auditors to resolve the matter.
Next Steps:
The MCTO will remain in effect until two full business days after all required filings are submitted and accepted. In the interim, GenAI will:
- Issue bi-weekly default status reports
- Provide updates on material changes or actions taken to resolve the default
- Maintain full compliance with NP 12-203 disclosure requirements
There have been no failures by the Company to fulfill its obligations under the MCTO provisions to date.
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