Volatus Aerospace Announces Late Filing of Annual Financial Statements and Failure-to-File Cease Trade Order

TORONTO, ON / ACCESSWIRE / May 7, 2024 / Volatus Aerospace Corp. (TSXV:VOL)(OTCQB:VLTTF) ("VOL" or the "Corporation") announces that the Ontario Securities Commission (the "OSC") has notified the Corporation that it has issued a failure-to-file cease trade (the "FFCTO") order against the Corporation under Multilateral Instrument 11-103 - Failure-to-File Cease Trade Orders in Multiple Jurisdictions. The FFCTO was issued as a result of the Corporation's delay in filing its annual financial statements, accompanying MD&A and CEO and CFO certifications for the fiscal year ended December 31, 2023 (the "Annual Financial Documents") beyond the regulatory deadline of April 29, 2024.

In 2023, the Corporation transitioned its auditing services from a smaller audit firm to a larger Canadian audit firm as part of our ongoing efforts to enhance transparency, governance, and the overall quality of our financial reporting processes. During this process, the evaluation of some assets encountered complexities unforeseen by management of the Corporation. While such issues have been resolved, the internal processes of the Corporation's auditors to meet their internal quality controls could not be met in time to file the Annual Financial Documents on time. The Corporation continues to make every effort to file the Annual Financial Documents and expects to be a position to file the Annual Financial Documents in a matter of days.

The FFCTO prohibits any trading, whether direct or indirect, in respect of all securities of the Corporation, including trades in the Corporation's common shares made through the TSX Venture Exchange, until such time as the Corporation is able to complete the filing of the Annual Financial Documents and successfully apply for a revocation of the FFCTO. If the Annual Financial Documents are filed within 90 days of the date of the FFCTO, such filings will constitute the Corporation's application to have the FFCTO revoked. There can be no assurance that the FFCTO will be revoked on the timeline contemplated by the Corporation. The Corporation will continue to engage with the OSC as necessary during this time and will provide further updates on the FFCTO and the filing of the Annual Financial Documents as and when appropriate.