Carbon Done Right Developments Faces Delays in Financial Reporting
Updates on Carbon Done Right Developments Inc.
Vancouver, BC — Carbon Done Right Developments Inc. (TSXV: KLX) (FSE: Q1C), a prominent provider of carbon credits derived from afforestation and reforestation initiatives, has communicated that it will not meet the filing deadline for its annual financial statements. This delay also applies to its Management Discussion & Analysis documents and various required certificates from its executives.
Reasons for Delayed Filing
The company attributes this setback to a recent change in auditors, which has introduced certain transitional matters that have slowed the audit process. As a result, Carbon Done Right is taking proactive steps to remedy this situation. The firm is reallocating internal resources to expedite the completion of its financial audit, all while remaining dedicated to fulfilling its continual disclosure requirements.
Management Cease Trade Order Application
In light of these circumstances, Carbon Done Right has sought a Management Cease Trade Order (MCTO) from the British Columbia Securities Commission. This order, if granted, will prevent the company's executives from trading their securities until the documents are properly filed. While the issuance of this order is not guaranteed, it serves as a typical precaution during periods of filing delays.
Impact of MCTO on Trading
If the MCTO is put into effect, it will specifically restrict trading activities of the chief executive officer, chief financial officer, and potentially other high-ranking officials and insiders of the company. However, it is important to note that such a trade order does not typically hinder the ability of outside investors to continue trading in the company's securities.
Compliance and Internal Policies
While awaiting the resolution of these issues and the completion of necessary filings, Carbon Done Right plans to adhere to the alternative information guidelines as defined by National Policy 12-203. Furthermore, until the completion of the required filings, the company's management and insiders are subject to an insider trading blackout policy, demonstrating a commitment to uphold ethical standards during this time.
About Carbon Done Right Developments Inc.
Carbon Done Right is not only an operator of nature-based carbon assets but also plays a crucial role in fulfilling the increasing demand for carbon credits among companies striving for Net Zero objectives. The company works on various fronts, including the exploration and restoration of terrestrial and marine systems, aiming to enhance the sequestration of greenhouse gases or revitalizing ecosystems from a degraded state.
With a focus on environmental sustainability, Carbon Done Right engages in partnerships and collaborates with governments to propel these projects across suitable global jurisdictions, including regions in Sierra Leone, Yucatan, Guyana, and Suriname. Their extensive pipeline of carbon credit projects has established them as a trusted ally for some of the largest buyers of carbon credits.
Company Contact Information
For inquiries, please reach out to Carbon Done Right Developments Inc.,
James Tansey, Chief Executive Officer
Email: james.tansey@klimatx.com
Website: www.klimatx.com
Frequently Asked Questions
What caused the delay in Carbon Done Right’s financial filings?
The delay is due to a recent change of auditors, leading to transitional matters that impacted the audit process.
What is a Management Cease Trade Order?
An MCTO prevents certain company executives from trading their securities until specific financial documents are filed.
How does an MCTO affect investors?
Typically, an MCTO restricts trading for company insiders while allowing outside investors to continue trading.
What steps is Carbon Done Right taking to resolve the filing delay?
The company is reallocating internal resources and actively addressing outstanding audit issues to expedite the filing process.
How can I contact Carbon Done Right for more information?
You can reach out via email at james.tansey@klimatx.com or visit their website at www.klimatx.com.
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