LAVAL,
QC, June 29, 2022 /PRNewswire/ - Neptune
Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT)
(TSX: NEPT), a diversified and fully integrated health and wellness
company focused on plant-based, sustainable and purpose-driven
lifestyle brands, today announced a delay of the filing of its
annual financial statements (the "2022 Financial
Statements") and related management's discussion and analysis
beyond the prescribed deadline of June 29,
2022.
The delay in the completion of the Company's financial
statements relates principally to the complexity of the conversion
of the Company's financial statements from IFRS to U.S. GAAP.
Neptune expects to file its fourth quarter and full-year 2022
financial results in the coming days, with filing timing to be
provided once confirmed by auditors. Following the release of
its financial results, the Company will host a conference call to
discuss financials and provide a business update. Details of the
time and date for the rescheduled earnings call will be announced
in due course.
Management and the audit committee, will continue to work
towards the completion of the annual financial statements, and
cooperate with its auditors to provide all necessary information to
complete the audit as soon as possible.
In addition to the foregoing, pursuant to National Instrument
51-102 – Continuous Disclosure Obligations ("NI 51-102"), namely
Part 4 of NI 51-102, as an "SEC Issuer", given that Neptune will be
filing the 2022 Financial Statements which will, for the first
time, be prepared in accordance with U.S. GAAP as a result of the
Company having lost its foreign private issuer status, the Company
is required to re-file its previously filed interim financial
reports that have been filed since its last filing of annual
financial statements for its fiscal year ended March 31, 2021, which include: (i) the
three-month periods ended June 30,
2021 and 2020, (ii) the three and six-month periods ended
September 30, 2021 and 2020; and
(iii) the three and nine-month periods ended December 31, 2021 and 2020 (collectively, the
"Restated Filings"), with such Restated Filings to be prepared and
refiled in accordance with U.S. GAAP. The Restated Filings are
required to be refiled at the same time as the filing of the 2022
Annual Financial Statements. Despite substantial efforts, the
Company is also currently not in a position to file the Restated
Filings by the prescribed filing date of June 29, 2022 as a result of the longer than
anticipated time required to restate the Restated Filings under
U.S. GAAP.
As a result of the foregoing, being the delay in filing of the
2022 Financial Statements and the refiling of the Restated Filings,
the Company has applied to the applicable Canadian securities
regulatory authorities for a temporary management cease trade order
("MCTO"), but such order has not yet been obtained as of the date
hereof and there are no assurances such order will be obtained in a
timely manner, or at all. The Company intends to satisfy the
provisions of the alternative information guidelines in accordance
with National Policy 12-203 – Management Cease Trade Orders by
issuing bi-weekly status reports in the form of news releases. The
applicable Canadian securities regulatory authorities may issue a
general cease trade order against the Company for failure to file
the 2022 Financial Statements and/or the Restated Filings within
the prescribed time period or sooner if the Company fails to file
its status reports during the prescribed time limits. If the MCTO
is not obtained, a general cease trade order may also be
issued.
The 2022 Annual Statements and the Restated Filings are expected
to be filed as soon as practicable within the coming days, but no
later than on or before July 13,
2022. With respect to the Restated Filings, other than the
conversion into U.S. GAAP, the Company does not expect any other
changes to be made to the previously filed interim financial
reports, which were previously prepared in accordance with IFRS and
are all currently available under the Company's SEDAR and EDGAR
profiles at www.sedar.com and www.sec.gov, respectively.
About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec,
Neptune is a diversified health and wellness company with a mission
to redefine health and wellness. Neptune is focused on
building a portfolio of high quality, affordable consumer products
in response to long-term secular trends and market demand for
natural, plant-based, sustainable and purpose-driven lifestyle
brands. The Company utilizes a highly flexible, cost-efficient
manufacturing and supply chain infrastructure that can be scaled to
quickly adapt to consumer demand and bring new products to market
through its mass retail partners and e-commerce channels. For
additional information, please visit:
https://neptunewellness.com/.
Disclaimer – Safe Harbor Forward–Looking Statements
Forward-looking statements contained in this press release
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance and achievements of
Neptune Wellness Solutions to be materially different from any
future results, performance or achievements expressed or implied by
the said forward-looking statements.
Neither NASDAQ nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE Neptune Wellness Solutions Inc.