British Colombia (BC) and Ontario Securities Commissions issued CTO (Cease Trade Order) to Sunniva Inc (OTCMKTS:SNNVF). It is on the backdrop of the failure of Sunniva to submit the annual financial statements for 2019.
Halts trading of securities in the BC province
According to the CTO, the trading of securities of Sunniva is prohibited in the province of BC. The CTO is also applicable to other provinces in Canada. However, individuals, contact person, or an insider can sell their shares, which are purchased before the issue of CTO, if the transaction is through FORM (foreign organized, regulated market) under section 1.1 of the UMIR (Universal Market Integrity Rules) prevailing in Canada. A registered dealer can facilitate the sale of shares of individuals according to the applicable securities legislation in Canada.
No firm date for submitting annual financial statements
Sunniva prepared financial statements for 2019 and decided to appoint auditors for commencing the audit after receiving confirmation for the waiver of certain conditions for the sale of Okanagan Falls, BC-based property on June 8, 2020. The company expects to receive a waiver for this transaction on July 2, 2020. Sunniva did not provide any firm date for filing the annual financial statements for last year.
CP Logistics reverses transaction agreement
CP Logistics LLC, a subsidiary of Sunniva, reversed transaction agreement for MIPA (Membership Interest Purchase Agreement) entered in April 2019. The company purchased a membership stake of 80% in each of the Coachella Distillation, LLC, and 420 Distribution, LLC from Group Two (Group Two Investments). The deal also included sub leases related to the Coachella CA-based commercial property.
Following the cancellation of the transaction accord, CP Logistics terminated its Distribution Facility operations. It will get back the original pricing from memberships of 80% acquired in 420 and Coachella. The company will also reverse the subleases back to Group Two.
Terminates previous share purchase accord
Sunniva terminated June 11, 2019, share purchase agreement entered to divest its subsidiary – SMI (Sunniva Medical Inc) to CannaPharmaRx Inc. Subsequently, Sunniva signed a pact to sell its OK Falls property to an independent real estate fund for CAD 9 million. The company expects to complete the transaction on July 15, 2020.
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