Next Hydrogen Solutions Inc. a designer and manufacturer of electrolyzers, announces that it does not expect to meet the filing date for filing of the following continuous disclosure documents (collectively, the “Documents”):
the Company's Annual Audited Financial Statements for the year ended December 31, 2022, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure Obligations (“NI 51-102”); and
the Company's Management Discussion & Analysis for the year ended December 31, 2022, as required by section 5.1(2) of NI 51-102.
During the year ended December 31, 2022, the Company identified potential errors in management estimate in the measurement of inventories and provisions, and the presentation of the income statement as at and for the year-ended December 31, 2021. As such, the Company expects to restate previously issued annual financial statements of the Company for the year ended December 31, 2021 (the “Affected Period”), which has caused a delay in the filing of the Documents. The Company is now working with its auditors to file the Documents, and if applicable, the restated financial statements and accompanying management’s discussion and analysis for the Affected Period.
“In connection with the appointment of our new auditor, they are taking the appropriate time to ensure our opening balances are presented fairly,” said Raveel Afzaal, CEO of Next Hydrogen. “We are working closely with them to ensure the financial statements are accurate and we hope to file the statements very shortly.”
The Company was advised that their management cease trade order application would not be accepted as the British Columbia Securities Commission was no longer taking applications and the applicable Canadian securities regulatory authorities will proceed with issuing a general cease trade order (“CTO”) against the Company for failure to file the Documents within the prescribed time period.
