Elcora's Management Cease Trade Order: Latest Developments

Author: Evelyn Baker Updated: 09-10-2024 04:17 PM

Elcora's Management Cease Trade Order Status Update

ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM | OTCQB – ECORF) has shared important updates regarding a management cease trade order (MCTO) that was issued by the Nova Scotia Securities Commission. This order was granted to the company due to delays associated with the filing of its financial statements for the fiscal year ended March 31, 2024.

Background on the Cease Trade Order

The MCTO was enacted on July 30, 2024, stemming from previous announcements pertaining to delays in filings that were made on July 12 and July 30. This situation arises under National Policy 12-203, which governs management cease trade orders. The introduction of this order signifies that, while shares of Elcora may still be traded by the investing public, the company’s top executives and board members are restricted from engaging in trading activities during this period.

Commitment to Transparency

Elcora is actively working to finalize its audit and has committed to keeping the public informed about its progress. The company acknowledges the importance of adhering to the provisions set forth by NP 12-203, and intends to issue bi-weekly default status reports until it meets its requirements concerning the annual filings.

Ongoing Efforts

In pursuit of resolving the current situation, Elcora emphasizes its diligent efforts to conclude the necessary audit processes. With a focus on transparency, updates regarding these processes will be made available to stakeholders and the broader investing community. Elcora's management recognizes the crucial nature of maintaining investor confidence during these times.

About Elcora Advanced Materials Corp.

Founded in 2011, Elcora Advanced Materials Corp. is strategically positioned as a vertically integrated player in the battery materials industry. The company specializes in the processing, refining, and production of essential battery-related minerals and metals. To enhance its market position, Elcora has innovated a cost-effective procedure to purify high-quality battery materials on a commercially scalable level. This vertical integration strategy allows Elcora not only to meet industry demands but also to maintain control over the quality and supply of its products.

Future Vision

Moving forward, Elcora aspires to expand its offerings in the electric vehicle market, where there is a growing demand for reliable battery minerals. By continuing to innovate within the sector, Elcora aims to establish a sustainable supply chain that supports the increasing need for battery materials, ultimately contributing to greener technological solutions.

Contact Information

For further insights or inquiries, stakeholders are encouraged to reach out to Troy Grant, the Director, President & CEO of Elcora Advanced Materials Corp. He can be contacted at +1 902 802-8847 for any questions regarding the company's operations or the cease trade order.

Frequently Asked Questions

What is a Management Cease Trade Order (MCTO)?

A Management Cease Trade Order is a regulatory measure that restricts certain company executives from trading shares while pending filings are overdue.

How does the MCTO affect Elcora's shareholders?

While the MCTO affects trading by company executives, shareholders can still trade their shares in Elcora during this period.

What steps is Elcora taking to address the MCTO?

Elcora is diligently working on completing its audit and plans to provide regular updates through bi-weekly communications until compliance is achieved.

What is Elcora's primary business focus?

Elcora primarily focuses on the production and refinement of battery-related minerals and metals, aiming for vertical integration in the industry.

How can I contact Elcora for more information?

Interested parties can contact Troy Grant, Elcora's Director, President & CEO, at +1 902 802-8847 for additional information or inquiries.

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