Alkaline Fuel Cell Power Corp. (NEO:PWWR.AQN) (AFCP) said it will file late its annual financial statements, accompanying management’s discussion and analysis, as well as annual information form for the fiscal year ended December 31, 2022, due to delays to its audit.
This is due to staffing limitations and turnover with the company's foreign subsidiaries which resulted in delays to certain audit procedures and added complexities of auditing certain transactions during the financial year, AFCP said.
The company said it requires additional time to complete and submit the required filings. It is working with its auditor, Dale Matheson Carr-Hilton Labonte LLP, to complete the audit in a timely manner.
AFCP said it expects to file its annual filings on or before May 30, 2023, and will issue a news release announcing the completion of such filings at such time.
Due to the delay in its filings, the company said it applied for a management cease trade order (MCTO) by the British Columbia Securities Commission which has been granted.
During the MCTO, the general investing public will continue to be able to trade in the company's shares, AFCP noted.
The company also said it has been advised that its wholly owned subsidiary based in Belgium, Fuel Cell Power NV (FCP), is subject to bankruptcy proceedings under Belgian law.
The company is reviewing options available to FCP in light of the proceeding and is working diligently with legal counsel and advisors to settle the proceeding in a manner that maximizes shareholder value and aligns with the company’s 2023 corporate objectives which were announced on March 6, 2023, AFCP said.
“PWWR is focused on getting to earnings positive over the next four to six quarters, and the decisions are consistent with our 2023 priorities to benefit investors,” stated AFCP CEO Frank Carnevale.
AFCP is a diversified investment platform developing affordable, renewable, and reliable energy assets and cleantech.
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