Lendified Announces Revocation of Failure-to-File Cease Trade Order
Toronto, Ontario--(Newsfile Corp. - October 2, 2020) - Lendified Holdings Inc. (TSXV: LHI) (formerly, Hampton Bay Capital Inc.) (the "Company" or "Lendified") announced that the Ontario Securities Commission (the "OSC"), the Company's principal regulator, has issued an order dated October 1, 2020 revoking the failure-to-file cease trade order (the "FFCTO") issued by the OSC on July 9, 2020.
The FFCTO was issued as a result of the Company's failure to the audited annual financial statements for the year ended December 31, 2019 (the "Privco Annual Financial Statements") of Lendified Privco Holding Corporation ("Privco"), a wholly-owned subsidiary of the Company acquired through the Company's qualifying transaction announced December 24, 2019, as required by National Instrument 51-102 Continuous Disclosure Obligations.
Since the issuance of the FFCTO, the Company has filed the following financial statements:
(i) The unaudited interim financial report and related management and discussion ("MD&A") of the Company for the three-month period ended March 31, 2020;
(ii) the Privco Annual Financial Statements; and
(iii) the unaudited interim financial report of Privco for the three-month period ended March 31, 2019.
The Company announced on August 28, 2020 that it would rely on the 45-day extension provided in Ontario Instrument 51-505 in respect of the requirement to file the unaudited interim financial report and related MD&A of the Company for the three- and six-month period ended June 30, 2020 (the "Q2 Interim Filings"). The Company currently expects to file the Q2 Interim Filing on or before October 15, 2020.
In addition to Ontario, the Company is a reporting issuer in British Columbia and Alberta. Each of the British Columbia Securities Commission and the Alberta Securities Commission had also issued cease trade orders in respect of the securities of the Corporation. The Company will advise if, or when, the cease trade orders in each of these other jurisdictions are 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.
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