- Fobi AI (TSXV:FOBI) acknowledged the issuance of a cease trade order (CTO) by regulatory authorities
- The CTO was issued due to the AI and data intelligence company’s failure to file its annual financial documents for 2024 on time
- Rob Anson, CEO of Fobi AI, assured shareholders that the team and auditors are working diligently to finalize the audit as efficiently as possible
- Fobi AI Inc. stock (TSXV:FOBI) last traded at $0.040 per share
Fobi AI (TSXV:FOBI) acknowledged the issuance of a cease trade order (CTO) by regulatory authorities.
The CTO was issued due to the AI and data intelligence company’s failure to file its annual financial documents for 2024 on time.
Rob Anson, CEO of Fobi AI, addressed the situation, expressing disappointment over the delay.
“The delay in completing our 2024 annual filing is certainly disappointing. Unlike last year, we chose not to proactively file for a management cease trade order (MCTO) because we were confident in meeting our filing deadline,” Anson stated in a news release. He assured shareholders that the team and auditors are working diligently to finalize the audit as efficiently as possible.
Fobi AI has emphasized its commitment to resolving the issue swiftly and maintaining transparency with its shareholders. The company plans to provide timely updates and looks forward to sharing the results during the upcoming shareholder earnings call.
“We understand that these developments may raise concerns among our shareholders. The Company’s management is dedicated to maintaining open lines of communication and will provide timely updates as we make progress. We appreciate the support and understanding of our shareholders during this time,” he added.
The company is taking all necessary steps to complete the financial audit and lift the CTO, aiming to restore confidence among its stakeholders and the public.
Fobi is working to help businesses leverage and monetize their customer data. The company’s clients include global organizations across retail and consumer packaged goods, insurance, sports and entertainment, casino gaming, and hospitality and tourism.
Fobi AI Inc. stock (TSXV:FOBI) last traded at $0.040 per share.
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(Top photo: Fobi AI)