Regenx Tech Corporation Faces Filing Delays
Regenx Tech Corp, known for pioneering technology in the recycling of end-of-life diesel catalytic converters, is currently navigating through challenges with its annual financial filings. The company, which operates under the ticker symbols CSE: RGX, OTCQB: RGXT, and Frankfurt: YRS, announced that due to delays in completing its audit, it will not meet the filing deadline for its Annual Filings.
Details of the Filing Delays
The Annual Filings, which are crucial for providing stakeholders with insights into the company's financial performance, include the Annual Audited Financial Statements and the Management Discussion & Analysis for the year ending March 31, 2025. The audit delays stem primarily from payment issues with the external auditor, which halted the timely completion of necessary financial statements.
Plan to Address Financial Obligations
Regenx is actively seeking to resolve this issue by securing a non-convertible short-term unsecured loan, aimed at covering outstanding payments to the auditor. The company aims to ensure that the annual financial statements get back on track and meet the new deadline set for September 29, 2025.
Application for Management Cease Trade Order
As a precautionary measure, Regenx has also applied for a Management Cease Trade Order (MCTO) through the Alberta Securities Commission. This order will prevent the management from trading in the company’s securities during the period of non-compliance with the filing requirements. The decision regarding this application is pending, with the possibility that the Alberta Securities Commission may grant the MCTO or could escalate the situation by imposing an issuer cease trade order.
Continued Compliance Efforts
In the interim, the company is committed to transparency and will issue bi-weekly reports detailing its compliance status until the Annual Filings are submitted. Regeneration Tech has pledged to utilize all available resources towards ensuring the timely completion of the required documents and has initiated a structured plan for stakeholder communication throughout this process.
Impact of Filing Delays on Company Operations
Despite these challenges, Regenx declares through its management that there have been no significant business developments since its last interim reports were issued, emphasizing its focus on completing the necessary paperwork. They reaffirm that there are currently no insolvency proceedings against the company.
About Regenx Tech
Regenx Tech Corporation is recognized for its commitment to sustainable practices in the cleantech sector. The company’s innovative processes focus on urban mining techniques to recycle and recover precious metals such as platinum and palladium from used catalytic converters, highlighting its environmental stewardship. For more information about the company's operations and outlook, visit www.regenx.tech.
Contact Information
For further inquiries, please reach out to:
Don Weatherbee, CEO
1 866 498 4213
Email: Investors@Regenx.Tech
Frequently Asked Questions
What is the reason for the delays in Regenx's annual filings?
The delays are due to payment issues with the external auditor, hindering the completion of the audit of the Annual Financial Statements.
What is a Management Cease Trade Order?
An MCTO is a regulatory order that restricts a company’s management from trading its securities until certain compliance issues are resolved.
How does Regenx plan to handle the audit delays?
Regenx plans to secure a short-term loan to cover outstanding auditor payments and complete the annual filings by the end of September.
What financial documents are included in the Annual Filings?
The Annual Filings consist of the Audited Financial Statements and Management Discussion & Analysis for the financial year.
Are there any notable business developments in Regenx?
Aside from the filing delays, there have been no significant business developments reported since March.
