Hybrid’s Annual Financial Statements and MDA Filing Delayed: Management Cease Trade Order and Marketing Update Announced
Vancouver, British Columbia–(Newsfile Corp. – September 16, 2024) – Hybrid Power Solutions Inc. (CSE: HPSS) (OTCQB: HPSIF) (FSE: E092)
Update on Filing Status
Hybrid Power Solutions Inc. would like to provide an update on the status of the filing of its annual financial statements, accompanying management’s discussion and analysis (MDA), and related CEO and CFO certifications for the year ended May 31, 2024. Unfortunately, due to certain challenges, the Annual Filings will be delayed. The transition from external accounting service providers to internal accountants has resulted in delayed receipt of critical information and payment to auditors for their services, making it unlikely for the auditors to complete the necessary audit work by the prescribed filing deadline of September 30, 2024.
Management Cease Trade Order
As a result of the delay in filing the Annual Filings, Hybrid has announced that a management cease trade order (MCTO) will be issued. The MCTO restricts trading in securities of the Company by the CEO, CFO, and other insiders until the Annual Filings are completed and filed. This is a precautionary measure taken to ensure transparency and compliance with regulatory requirements.
Marketing Update
Despite the challenges faced with the Annual Filings, Hybrid remains committed to its marketing efforts. The Company is focused on promoting its innovative power solutions and maintaining communication with stakeholders. By keeping investors informed and engaged, Hybrid aims to navigate through this period of delay successfully.
Impact on Stakeholders
As an investor, the delay in the filing of Annual Filings and the issuance of an MCTO may raise concerns about the transparency and financial health of Hybrid Power Solutions Inc. It is crucial to monitor updates from the Company and seek clarification on the reasons for the delay. Additionally, the marketing efforts by Hybrid can offer some reassurance of the Company’s commitment to its operations and stakeholders.
Global Implications
The delay in filing financial statements can affect investor confidence not only in Hybrid Power Solutions Inc. but also in the broader market. Timely and accurate financial reporting is essential for maintaining trust and credibility in the financial sector. Global markets may observe the situation at Hybrid closely to assess the impact and implications for similar companies.
Conclusion
In conclusion, while the delay in filing Hybrid’s Annual Financial Statements and MDA is a setback, the Company is taking necessary steps to address the situation. The issuance of an MCTO and the marketing update demonstrate Hybrid’s commitment to transparency and stakeholder communication. Investors should stay informed and monitor developments closely to gain clarity on the path forward for Hybrid Power Solutions Inc.
