Lendified Provides Update on Reliance on Temporary Relief Measures for Q2 Interim Financial Report
Toronto, Ontario--(Newsfile Corp. - September 30, 2020) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") today provided an update on its reliance on certain temporary blanket relief granted by the Ontario Securities Commission in connection with the COVID-19 pandemic in Ontario Instrument 51-505 - Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 ("Ontario Instrument 51-505") and similar exemptions provided by the other Canadian Securities Regulators due to logistics and delays caused by the COVID-19 pandemic. The Company announced on August 28, 2020 that it would rely on the exemption provided in Ontario Instrument 51-505 in respect of the following requirements as it did not expect to file the following disclosure documents by the August 31, 2020 deadline:
- the requirement to file the Company's interim financial statements for the six months ended June 30, 2020 (the "Interim Financial Statements") within 60 days after the end of the interim period as required by National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102");
- the requirement to file the Company's management's discussion and analysis (the "MD&A") for the period covered by the Interim Financial Statements within 60 days after the end of the interim period as required by NI 51-102; and
- the requirement to file certifications of the Interim Financial Statements (the "Certificates" and together with the Interim Financial Statements and the MD&A, the "Interim Filings") pursuant to National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.
The Company previously announced that it expected to complete the Interim Filings on or before the date hereof; however, it currently expects that it will file the Interim Filings on or before October 15, 2020. Until such time as the Interim Filings are filed, the Company's management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms the following material business developments since the date of the last press release (being August 28, 2020) required by Ontario Instrument 51-505: the Company filed the audited annual financial statements ("Privco Annual Statements") of its wholly-owned subsidiary Lendified Privco Holding Corporation ("Privco") and announced the appointment of Guy Charette to the Board of Lendified and the resignation of Kevin Clark on September 18, 2020, and the Company filed the unaudited interim financial report of Privco for the period ended March 31, 2020 on September 28, 2020.
The Ontario Securities Commission ("OSC") issued a failure-to-file cease trade order on July 9, 2020 (the "FFCTO") in respect of all of the securities of the Company for failing to file the Privco Annual Statements in a timely manner. The FFCTO remains in effect until revoked by the OSC. There can be no assurances the FFCTO will be revoked.
ABOUT LENDIFIED HOLDINGS INC.
Lendified, a company located in Ontario, Canada, is a Canadian FinTech company operating both a lending platform which provides working capital loans to small businesses across Canada through a wholly-owned subsidiary, as well as a software as a service technology platform providing AI-enabled credit origination and analytics to financial institutions across Canada through another wholly-owned subsidiary, JUDI.AI. The Company announced its intention to sell JUDI.AI in its press release of July 7, 2020.
For further information regarding Lendified, please contact:
Troy Wright, Chief Executive Officer and Director
Neither the TSXVE nor its Regulation Services Provider (as that term is defined in the policies of the TSXVE) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industries in which the Company participates; others are more specific to the Company. The Company's ongoing quarterly filings should be consulted for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64979