VAUGHAN, ON, Nov. 26, 2019 /PRNewswire/ - CannTrust Holdings
Inc. ("CannTrust" or the "Company", TSX: TRST, NYSE: CTST) today
announced that the Toronto Stock Exchange ("TSX") has advised the
Company that it intends to review CannTrust's eligibility for
continued listing of the Company's common shares on the TSX,
pursuant to Part VII of the TSX Company Manual.
The TSX indicated that the review is a result of the Company
being in arrears for satisfying certain disclosure requirements,
namely the preparation and filing of the Company's restated audited
financial statements for the year ended December 31, 2018, its restated interim financial
statements for the first quarter of 2019, and its interim financial
statements for the second and third quarters of 2019, together with
the related management's discussion and analysis ("MD&A") for
the corresponding periods. The TSX has advised that, if the Company
is unable to cure those defaults by March
25, 2020, the Company's securities will be delisted 30 days
following such date. The Company's securities will continue to
trade normally during this period.
CannTrust anticipates filing those disclosures and meeting the
TSX's requirements before March 25,
2020. The Company continues to make progress in working with
its independent auditor in connection with preparing its financial
statements and corresponding MD&A.
This press release contains "forward-looking information" within
the meaning of Canadian Securities laws and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and other applicable
United States safe harbor laws,
and such statements are based upon CannTrust's current internal
expectations, estimates, projections, assumptions and beliefs and
views of future events. Forward-looking information and
forward-looking statements can be identified by the use of
forward-looking terminology such as "believes", "expect",
"likely", "may", "will", "should", "intend", "anticipate",
"potential", "proposed", "estimate" and other similar words,
including negative and grammatical variations thereof, or
statements that certain events or conditions "may", "would" or
"will" happen, or by discussions of strategy.
The forward-looking information and statements in this news
release include statements relating to the corrective actions being
taken by the Company and the TSX's pending determinations.
Forward-looking information and statements necessarily involve
known and unknown risks, including, without limitation: actions
taken in respect of the Company's products by its customers and
regulators; results of Health Canada's investigation, including
orders and compliance measures required by Health Canada and their
impact on the operations, inventory, assets and financial condition
of the Company; the Company's implementation of remediation plans
and related actions; regulatory approval; risks associated
with general economic conditions; adverse industry events; loss of
markets; future legislative and regulatory developments in
Canada, the United States and elsewhere; the cannabis
industry in Canada generally; and,
the ability of CannTrust to implement its business strategies.
Any forward-looking information and statements speak only as of
the date on which they are made, and, except as required by law,
CannTrust does not undertake any obligation to update or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise. New factors emerge
from time to time, and it is not possible for CannTrust to predict
all such factors. When considering these forward-looking
information and statements, readers should keep in mind the risk
factors and other cautionary statements in CannTrust's Annual
Information Form dated March 28, 2019
(the "AIF") and filed with the applicable Canadian securities
regulatory authorities on SEDAR at www.sedar.com and filed as
an exhibit CannTrust's Form 40-F annual report under the United
States Securities Exchange Act of 1934, as amended, with the United
States Securities and Exchange Commission on EDGAR at www.sec.gov.
The risk factors and other factors noted in the AIF could cause
actual events or results to differ materially from those described
in any forward-looking information or statements.
The TSX and NYSE do not accept responsibility for the adequacy
or accuracy of this release.
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SOURCE CannTrust Holdings Inc.