VANCOUVER, BC / ACCESS Newswire / May 15, 2025 / Cypher Metaverse Inc. (CSE:CODE) ("Cypher" or the "Company") provides its second bi-weekly Default Status Report under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"), pursuant to which Cypher issued its original default announcement indicating that the filing of its annual audited financial statements, annual management's discussion and analysis, and related certifications for the year ended December 31, 2024 (the "Required Filings"), would be delayed beyond the filing deadline of April 30, 2025. Cypher reports that since its news release dated May 1, 2025 there have been no material changes to the information contained therein that have not been disclosed, nor any failure by Cypher to fulfill its intentions as stated therein, other than as set forth below.
As a result of circumstances reasonably linked to the Company's delay in filing the Required Filings, in addition to the default to which this Default Status Report relates, the Company will not meet the deadline for filing its interim unaudited financial statements, interim management's discussion and analysis, and related certifications for the three-month period ended March 31, 2025 (collectively, the "Interim Filings"). As a result of the Company's delay in preparing the Required Filings, the Interim Filings will not be properly completed in accordance with Canadian securities law and regulation. Under the securities laws of the provinces in which Cypher is a reporting issuer, the Interim Filings are to be filed by May 30, 2025.
The Company's Board of Directors and management confirm that the audit is ongoing and that they are working expeditiously with the new auditor to meet the Company's obligations related to the filing of the Required Filings and the Interim Filings. The Company will file the Interim Filings within five business days of filing of the Required Filings.
Until the Required Filings and the Interim Filings have been filed, the Company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing bi-weekly Default Status Reports in the form of further press releases for so long as the Company remains in default of the financial statement filing requirement. In the event that the Company does not file the Required Filings and the Interim Filings in a timely manner, the Canadian Securities Regulatory Authorities may impose an issuer cease trade order on the outstanding securities of the Company.
About Cypher Metaverse Inc.
Cypher focuses on identifying and investing in early-stage opportunities across the digital landscape, participating in blockchain projects, including proof of work mining, proof of stake cryptocurrencies, and decentralized finance. The Company engages in digital experiences, collectively referred to as "the Metaverse" which include non-fungible token-based gaming experiences.
The Company leverages its strategic relationships to drive innovation and growth, creating new possibilities and opportunities. Further information about Cypher can be found on the Company's website at www.cypher-meta.com, along with its SEDAR+ profile accessible at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements (collectively, "forward-looking information"). Such forward-looking information is provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions, although not all forward-looking information contain these identifying words.
More particularly and without limitation, the forward-looking information in this news release includes (i) expectations regarding the Company's business plans and operations; (ii) expectations concerning the MCTO; and (iii) expectations regarding the timing of filing the Required Filings and the Interim Filings. Forward-looking information is based on a number of factors and assumptions that have been used to develop such information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the Company's current expectations, assumptions and/or beliefs based on information currently available to the Company.
Whether actual results, performance, or achievements will conform to Cypher's expectations and predictions is subject to a number of known and unknown risks and uncertainties, which could cause actual results and experience to differ materially from Cypher's expectations. Such material risks and uncertainties include: (i) risks and uncertainties associated with the digital currency industry and decentralized finance; (ii) political, economic, regulatory and other uncertainties in respect of digital currencies; and (iii) consumer sentiment towards blockchain technology generally, decrease in the price of other cryptocurrencies.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement.
For further information, please contact:
George Tsafalas | President & CEO
1 (778) 373-8578
info@cypher-meta.com
www.cypher-meta.com
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of this release.
SOURCE: Cypher Metaverse Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/blockchain-and-cryptocurrency/cypher-provides-second-default-status-update-1028321
