Kalytera Provides Updates Regarding Annual Filings, the Acquisition of Salzman Group, and the Company’s Private Placement
SAN FRANCISCO, June 30, 2020 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KLY and OTC: KALTF) (the "Company" or "Kalytera") today provided updates
regarding the following three matters: (1) the delay in filing of its annual financial statements for the year ending December 31, 2019 and the accompanying Management’s Discussion and Analysis and
related CEO and CFO certifications (collectively, the “Annual Filings”); (2) the acquisition of Salzman Group, Inc.; and (3) the Company’s previously
announced private placement of units.
The Company is working with its auditors, Ernst & Young, to complete the Annual Filings. The Company anticipates that final approval and posting of the Annual Filings on www.sedar.com will be completed soon. As a consequence of the delay in the preparation of the Annual Filings, the Company also announces that the filing of its financial statements for the three-month period ended March 31, 2020, and the accompanying management discussion and analysis together with the related certifications (collectively, the "Interim Filings") will also be delayed and not released as required. The Company expects the Interim Filings to be filed shortly after the Annual Filings are filed.
On June 22, 2020, the British Columbia Securities Commission (the “BCSC”) issued a Failure-to-File Cease Trade Order against the Company (the "FFCTO") due to the Company's failure to file the Annual Filings by the prescribed filing deadline. The order prohibits trading of the Company’s securities through an exchange, securities issuances by the Company, and private transactions unless a full or partial revocation is granted by the BCSC (and any other commission in a jurisdiction where the securities of the Company may be issued and the FFCTO is in effect, such as the Ontario Securities Commission) (“OSC”). The order takes automatic effect in each jurisdiction of Canada that has a statutory reciprocal order provision, subject to the terms of the local securities legislation, and in the Company’s case, the order has taken effect in British Columbia and Ontario. The Company is a reporting issuer in Alberta and it expects that the Alberta Securities Commission may implement a similar order shortly. The FFCTO currently remains in place.