CULT Food Science Corp. (“CULT” or the “Company”) requested Ontario Securities Commission authorization to implement a temporary management cease trade order (“MCTO”) according to National Policy 12-203 (NP 12-203). Under the MCTO, the company’s specified insiders will be prevented from trading its securities before completing financial documents along with the MCTO expiration.
The company fails to submit its audited financial statements and accompanying management’s discussion and analysis as well as CEO and CFO certifications (collectively named “Required Filings”) to authorities before their April 30, 2025, deadline.
The MCTO application has been made by the company, yet its approval remains uncertain. The MCTO will establish a trading ban on company shares when approved by regulatory authorities, which applies to both the executive officer and the interim chief financial officer. The approval of an MCTO will not restrict general public access to trade the company’s shares on public exchanges.
A formal reporting delay exists because the company must adjust its financial statement presentation of particular investments according to new regulatory requirements. The audit work, already finished, required revisions because of these changes, which extended the audit duration beyond the initial projections. The company predicts it will file the required filings with authorities on or before May 30, 2025.
CULT declares that neither undisclosed material developments nor new decisions exist during this period. Unlike the necessary filings until May 30, 2025, the company intends to update investors according to NP 12-203’s alternative information guidelines.
About the Company
CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab-grown meat and cellular agriculture to reshape the global food industry. CULT’s robust portfolio of investments in cutting-edge, venture-backed cellular agriculture and lab-grown meat companies provides widespread investor access to the future of food. Backed by a team of experts with extensive experience in food technology and launching consumer food products, CULT is committed to being at the forefront of the food revolution.