The MCTO was applied for after the Toronto cannabis company said it was not in a position to file its audited annual financial statements for the fiscal year ending November 30 and the related analysis by the filing deadline of April 1, 2019, as it had to permit sufficient time for Baker Tilly to complete its year-end audit.
During the period in which the MCTO is effective, the general investing public, who are not insiders of the company, can continue to trade.
However, Namaste's CEO and CFO will not be able to trade the firm's shares until the annual filings have been filed by the company and the MCTO has been lifted.
Namaste said in today's statement that it expects to be able to complete the annual filings by May 31 this year.
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