- Cronos Group (CRON) has reached final settlement agreements with the U.S. SEC and the staff of the Ontario Securities Commission
- The settlement resolves investigations regarding the previously-disclosed restatements by the company of its financial statements for the first three quarters of 2019 and the second quarter of 2021
- Cronos is a cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development
- Cronos Group Inc. opened trading at $4.02 per share
Cronos Group (CRON) has reached final settlement agreements regarding some of its financial statements with the SEC and OSC.
The settlement resolves investigations regarding the previously-disclosed restatements by the company of its financial statements for the first three quarters of 2019 and the second quarter of 2021.
“We are pleased to have resolved these matters,” noted Mike Gorenstein, Chairman, President and Chief Executive Officer of Cronos.
“Important steps have been taken to strengthen our internal controls, and we are committed to continuing this work,” he added.
On October 24, 2022, the SEC issued an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8(a) of the U.S. Securities Act of 1933 and Section 21(c) of the U.S. Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order resolving the SEC’s investigation of the restatements by the company described above.
The company has agreed to settle with the SEC without admitting or denying the allegations described in the SEC Settlement Order.
The SEC Settlement Order fully disposes of the investigation of the company by the SEC into the restatements without the payment of any civil penalty or another amount.
In addition, on October 24, 2022, the Ontario Capital Markets Tribunal approved a settlement agreement between the company and the staff of the OSC, resolving the OSC’s investigation of the restatements by the company described above.
In line with the terms of the OSC Settlement Agreement, which fully and finally disposes of the investigation of the company by the OSC, Cronos agreed to pay a total of C$1.34 million to fully settle the matter and acknowledged that it had not complied with certain requirements under the Securities Act (Ontario) in connection with the filing of interim financial reports in the manner set out therein.
Cronos is a cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development.
Cronos Group Inc. opened trading at $4.02 per share.