- Indigenous Bloom Hemp Corp. (IBH) has provided an update in regarding its management cease trade order (MCTO)
- Indigenous Bloom farms and cultivates hemp biomass for third-party processing to extract CBD
- It applied for the MCTO due to the fact it would be unable to file its audited annual financial statements for its most recent financial year
- The MCTO prohibits trading in securities of Indigenous Bloom by the company’s CEO and CFO
- It expects to complete its filings by October 31st
- Indigenous Bloom Hemp Corp. (IBH) is unchanged and is trading at $0.05 per share as of 1:30 p.m. ET
Indigenous Bloom Hemp (IBH) has provided an update regarding its management cease trade order (MCTO).
Indigenous Bloom farms and cultivates hemp biomass for third-party processing to extract CBD oils, distillate or isolate. The resulting solution can then be used for the production of many CBD products.
On September 29, the company applied for the MCTO due to the fact it would be unable to file its audited annual financial statements for its most recent financial year and the related management’s discussion and analysis and certifications due to an unexpected change in auditors.
The MCTO prohibits trading in securities of Indigenous Bloom by the company’s CEO and CFO but generally does not affect the ability of persons who are not insiders of the company to trade in their securities.
Indigenous Bloom’s management stated it continues to work on completing the required documents as soon as possible, which is expected to be by October 31st. The company also shared that there have been no changes to the information for this cease order, and there has been no failure on its end for fulfilling its previously stated intentions.
Indigenous Bloom Hemp Corp. (IBH) is unchanged and is trading at $0.05 per share as of 1:30 p.m. ET.
