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Be the first with the news that moves the market- YDX Innovation (TSXV:YDX) will postpone the filing of its annual consolidated financial statements for the year ending December 31, 2019
- The company should submit its annual filings by April 29, 2020, but has faced delays due to COVID-19 impacts
- The Canadian Securities Administrators announced that they will extend the filing deadline by 45 days
- The company expects that it will file the Annual Filings on or before June 15, 2020
- YDX’s share price is up 2.70 per cent, and is currently trading for C$0.19 per share
YDX Innovation (TSXV:YDX) will postpone the filing of its annual consolidated financial statements for the year ending December 31, 2019.
The company will also postpone filing the accompanying management’s discussion and analysis (MD&A), and related CEO and CFO certifications.
According to Continuous Disclosure Obligations, YDX must submit the annual filings by no later than April 29, 2020. However, the ongoing COVID-19 pandemic has created unexpected challenges for many companies, delaying their financial reports.
On March 18, 2020, the Canadian Securities Administrators announced an extension of the filing deadline in light of the crisis. Now, any filings which originally had a deadline on or before June 1, 2020, will gain a 45-day filing extension. This will hopefully provide issuers with enough time to focus on financial reporting and other business matters impacted by COVID-19.
YDX is making full use of the extension, working to file the Annual Filings before the new deadline. If they are successful, the company will complete the task on or prior to June 15, 2020.
Until the company submits the Annual Filings, certain restrictions will be in place. In particular, YDX management and other YDX insiders will be subject to a trading blackout during that time.
The company has stated that there have not been any undisclosed material business developments since November 29, 2019. This was the date when YDX filed its third quarter interim financial statements for the period ending September 30, 2019.
YDX’s share price is up 2.70 per cent, and trading for $0.19 per share, as of 11:34am EST.
