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Vancouver, British Columbia--(Newsfile Corp. - May 2, 2024) - Planet Based Foods Global Inc. (CSE: PBF) (OTC Pink: PBFFF) (FSE: AZ00) ("Planet Based Foods" or the "Company"), a company that offers a wide range of hemp-based food alternatives, announces today that it will not be in a position to file its audited annual financial statements (the "Annual Financial Statements"), management's discussion and analysis and related certifications for the year ended December 31, 2023 on or before April 29, 2024, as required, as a result of delays associated with settling the outstanding accounts of its external auditors.
Based on discussions with the management of the Company, the Company believes that the Annual Financial Statements together with the auditor's report thereon should be finalized and filed by June 28, 2024, together with the Company's annual management's discussion and analysis for the 2023 fiscal year.
The Company has filed an application (the "Application") with the British Columbia Securities Commission, as its principal regulator, for a management cease trade order in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"). If approved, this application would give the Company extra time to complete and file its annual financials without a full cease-trade order being issued.
On February 16, 2024, the Company announced that it has been granted an extension by the Canadian Securities Exchange (the "Exchange") to complete its non-brokered private placement of subordinate voting shares (a "Share") at a price of $0.10 per Share for gross aggregate proceeds of up to CAD$3,000,000 (the "Financing"). Further details of the Financing are provided in the news releases of the Company dated December 1, 2023 and January 19, 2024. Management of the Company is currently engaged in active discussions with select interested parties who are considering participation in the Financing. Furthermore, the Company also confirms, as of the date of this news release, that there is no other material information concerning the affairs of the Company that have not been generally disclosed.
Until the Annual Financial Statements have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of further press releases, which will also be filed on SEDAR+.
About Planet Based Foods
The Company, through its wholly-owned subsidiary in San Diego, California, Planet Based Foods, is a producer of sustainable plant-based food alternatives. Planet Based Foods was founded in 2018 in San Diego, California, with a mission to build a better food system by providing hemp-formulated superfood products to people today that support our planet tomorrow. All Planet Based Foods products are 100% vegan. Planet Based Foods creates clean, non-GMO, nutrient-dense food built for the future: the first line of plant-based foods with sustainable hemp as the number-one ingredient. Founded by former nutrition coach and cannabis marketer Braelyn Davis, food scientist and plant-based pioneer Robert Davis, and restaurant industry veteran Ted Cash, the company aims to establish hemp as a nutrient-dense protein source to feed the world sustainably for generations to come. Planet Based Foods' suite of products includes its new consumer line of nutritious frozen foods, plant-based food ingredients and handheld comfort foods for food service and restaurants.