TORONTO, May 31, 2023
/CNW/ - Shiny Health & Wellness Corp. ("Shiny Health" or the
"Company") (TSXV: SNYB) announces a delay in the filing of its
audited annual financial statements (the "Financial
Statements"), management's discussion and analysis and related
chief executive officer (CEO) and chief financial officer (CFO)
certifications (collectively, the "Annual Filings") for the
financial year ended January 31, 2023 the deadline for which
is today.
![Shiny Health & Wellness Corp. Logo (CNW Group/Shiny Health & Wellness Corp.) Shiny Health & Wellness Corp. Logo (CNW Group/Shiny Health & Wellness Corp.)](https://mma.prnewswire.com/media/2090183/Shiny_Health___Wellness_Corp__Shiny_Health___Wellness_Announces.jpg)
As a result, the Company will be noted in default by applicable
securities regulatory authorities in Canada, and expects that the Ontario
Securities Commission ("OSC"), as principal regulator, will
issue a 'failure-to-file' cease trade order ("CTO") in
accordance with the principles and guidance set out in National
Policy 12-307 Failure-to-File Cease Trade Orders and Revocations
in Multiple Jurisdictions of the Canadian Securities
Administrators ("NP 12-307"). The CTO will prohibit any
direct or indirect trading in securities of Shiny Health for so
long as it remains in effect, in all Canadian jurisdictions in
which the Company is a reporting issuer as well as certain other
Canadian jurisdictions based on the provisions of local securities
legislation, and will remain in effect until after the Annual
Filings have been filed. The CTO will result in a suspension of the
Company's common shares from trading on the TSX Venture Exchange
("TSXV"), and continue until the CTO is revoked and all TSXV
requirements are satisfied.
Management is working diligently with the Company's auditors to
complete the audit of the Annual Financial Statements as soon as
possible. The Company is currently targeting to have the audit
completed, and the Annual Filings filed by June 16, 2023 and
in any event on or before June 30, 2023.
The delay in completing the Annual Filings was caused by the
change in the Company's Chief Financial Officer that was announced
on April 26, 2023. The Company had
made an application to the OSC for a management cease trade order
(the "MCTO") under National Policy 12-203 – Management
Cease Trade Orders of the Canadian Securities Administrators
("NP 12-203"), which if granted would have prohibited
trading by certain insiders of the Company but not other parties
and that application was denied. The OSC did not view the Company
as having met all of the eligibility criteria for the MCTO set out
in National Policy 12-203 – Management Cease Trade
Orders, and in particular the requirement for an "active,
liquid market" within the meaning of NP 12-203.
Shiny Health expects that in accordance with NP 12-307, the CTO
will be revoked following completion of the outstanding filings,
and will issue a further news release after the Annual Filings have
been submitted. There is no assurance that the Company will be able
to remedy its filing default and have the CTO and TSXV trading
suspension revoked in a timely manner or at all.
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 release.
About Shiny Health &
Wellness
Shiny Health & Wellness Corp. is on a mission to help people
never settle, live fully by being a trusted source for health and
wellness solutions and services. Striving to provide a more diverse
and accessible cannabis experience for adult consumers, the Company
also operates ShinyBud Cannabis Co., a well-established brand in
Ontario strategically located in
markets less saturated with cannabis retailers. The Company's board
of directors and management team hold extensive retail operating
experience, a key competitive differentiator in leading its growth
strategy. Shiny Health trades on the TSX Venture Exchange (TSXV)
under the ticker symbol SNYB. For more information, please
visit www.shinyhealthandwellness.com.
SOURCE Shiny Health & Wellness Corp.