Pond Technologies Announces Filing Postponement of Annual and Interim Financial Statements and Related MD&A due to COVID-19 and Announces Grant of Stock Options
Pond will be relying on this extension period due to delays experienced as result of COVID-19.
MARKHAM, ON, April 30, 2020 /CNW/ - Pond Technologies Holdings Inc. (the "Corporation" or "Pond") (TSX.V: POND), (OTCQB: PNDHF) wishes to provide an update on the coronavirus pandemic ("COVID-19") as it affects the status of the filing of its annual financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications, for the financial year ended December 31, 2019 (the "Annual Filings"), and the filing of its interim financial statements and accompanying management's discussion and analysis, and related CEO and CFO certifications, for the first quarter of 2020 ending March 31, 2020 (the "Interim Filings").
On March 23, 2020, the Alberta Securities Commission ("ASC") enacted Blanket Order 51-517 –Temporary Exemption from Certain Corporate Finance Requirements (the "ASC Temporary Exemption") providing a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of COVID-19. Pond will be relying on this extension period due to delays experienced as result of COVID-19.
Pond is working diligently with its auditors to file the Annual Filings on or before June 15, 2020 and the Interim Filings on or before July 14, 2020. In the interim, management and other insiders of Pond are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
As required by the ASC Temporary Exemption, the Corporation will issue further press releases at 30 day intervals providing updates on material business developments, if any, including updates on the Annual Filings and Interim Filings.
In addition, on April 29, 2020, the Corporation approved the grant of an aggregate of 795,000 stock options under its stock option plan to certain of its officers and employees. The options vest immediately, have an exercise price of $0.25 per share, and expire 5 years from the date of grant.
About Pond Technologies Holdings Inc.:
Located in Markham, Ontario, Pond is a technology company that provides profitable solutions to the global health and wellness challenges of climate change and nutrition. Pond's proprietary growth platform, including patented advanced photonics, optimizes key growth inputs in order to provide a controlled environment that maximizes the growth of algae and other organisms. This enables industrial emitters to generate new revenue streams from the transformation of underutilized CO2 to valuable algae-based products, such as protein for animal feed and nutraceutical products like Chlorella, Spirulina, and Astaxanthin for human consumption. For more information visit https://www.pondtech.com/.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Pond Technologies Holdings Inc.
