Empower Clinics Inc. (CSE:CBDT, OTCQB:EPWCF) announced that its shares will resume trading on the Canadian Securities Exchange on or about November 8, 2022, after the British Columbia Securities Commission revoked its cease trade order.
The company said that it will change its ticker symbol on the Canadian Securities Exchange from 'CBDT' to 'EPW' immediately upon resumption of trading.
The change is being made to provide greater visibility to the company's focus on integrated healthcare and full divestment from all cannabis-related businesses. It will also provide consistency with the company's 'EPWCF' stock symbol in the United States.
WATCH: Empower Clinics CEO looks to operational improvement as company releases 2021 financial numbers
"Along with our many shareholders and followers, we welcome the resumption of trading of our shares and are looking forward to trading under the new ‘EPW' symbol on the CSE," Steven McAuley, chairman and CEO of Empower Clinics said in a statement.
"We have endured a difficult time, a difficult auditor, a difficult audit. I am grateful for shareholder patience and support. I appreciate our team members who show up each day, work hard every day, who support patients, distribute products, and make a difference to the lives of people across North America. I thank you, we thank you, for the continued support of all who have an interest in our company."
The company has filed audited annual financial statements for the year ended December 31, 2021, as well as unaudited condensed interim consolidated financial statements for the three months ended March 31, 2022, and the six months ended June 30, 2022, along with the related management's discussion and analysis and required certifications.
The company has implemented or anticipates implementing the following initiatives:
- Search For A New Auditor - After repeated audit delays, the company and its auditor have mutually agreed to end their relationship. Empower Clinics has already begun the search for a new auditor and will advise of an appointment in the near future.
- Apply To Change The Fiscal Year End To March 31 To Relieve Pressure On Future Audits -The audit industry has not been immune to staffing shortages that have impacted every industry across North America over the past two years. This major problem is exacerbated by the fact that 57% of Canadian public companies have a year-end of December 31st, which results in an almost insurmountable capacity issue, that impacts issuers and appears to be an issue for the foreseeable future.
- Hiring A New Chief Financial Officer - The company suddenly and unexpectedly lost its previous chief financial officer due to personal reasons. Empower Clinics will be recruiting and hiring a new CFO with a track record of excellence in financial operations for public companies.
- Re-Listing On Frankfurt Stock Exchange - The company will immediately begin the process of re-listing on the Frankfurt Stock Exchange to support its vast, loyal, and invaluable shareholders in Germany and in German-speaking countries.
Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories.
Contact the author at jon.hopkins@proactiveinvestors.com