Chill Brands Group PLC (LSE:CHLL, OTCQB:CHBRF) anticipates that its trading suspension will remain in effect at least until the first quarter of 2025.
Trading of Chill Brands’ Main Market-listed shares was halted on 3 June due to the delay in publication of its audited financial report for the 2024 financial year.
The company continues to work with its statutory auditors to finalise the audit process, with a view to publishing the audited report in the first quarter of 2025.
This is a prerequisite for the resumption of trading in the company’s shares.
Alongside the audited report, the company plans to publish its unaudited half-yearly financial statements for the period ending 30 September.
Callum Sommerton, chief executive of Chill Brands, stated: "While the delay to the company’s audit is frustrating for investors and all involved, we are working hard and making progress with the relevant parties to complete and publish our accounts as soon as possible.
“In the meantime, we have been making headway with new product development and have established a new business stream to support our growth ambitions.”
The group acknowledged that following the government’s crackdown on vaping products, “the appetite among retailers to stock single-use vape devices has diminished, leading to a decline in the company's UK domestic sales”.
Chill Brands will continue to market its products in international markets while expanding its range of nicotine-free e-liquids.
The Company's first e-liquids are currently in production and are expected to launch in early 2025.