Toronto, Ontario, April 30, 2025 - TheNewswire - CULT Food Science Corp. (“CULT” or the “Company”) (CSE: CULT) (OTC: CULTF) (FRA: LN00), (the "Company") announces that it has made an application to the Ontario Securities Commission to approve a temporary management case trade order ("MCTO") under National Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The MCTO, if made, will prohibit trading in securities of the Company by certain individuals until such time as the Required Filings (defined below) and all continuous disclosure requirements have been filed by the Company and the MCTO has been lifted.

 

The Company is unable to file its audited financial statements for the year ended December 31, 2024, and the related management's discussion and analysis and Form 52-109FV1 CEO and CFO certifications of annual filings for this period (collectively, the "Required Filings") before the April 30, 2025 filing deadline (the "Filing Deadline").

 

The Company has submitted its application for an MCTO but there is no guarantee that the MCTO will be obtained. If granted and while the MCTO is in effect, the general investing public will continue to be able to trade freely in the Company's listed shares. However, the MCTO will prohibit the Company's chief executive officer and interim chief financial officer from trading securities of the Company for so long as the Required Filings are not filed. If granted, the MCTO will be in effect until the Required Filings are filed.

 

The Company's anticipated failure to file the Required Filings by the Filing Deadline is due to recently mandated changes to the presentation of certain investments in its financial statements, requiring part of the already completed audit work to be redone. The additional work delayed the scheduled completion of the audit beyond the Filing Deadline. The Company anticipates that it will be in a position to file the Required Filings on or before May 30, 2025.

 

The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The Company will provide updates as further information relating to the Required Filings becomes available. The Company intends to satisfy the provision of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 as long as the Required Filings are outstanding.

 

About CULT Food Science

 

CULT Food Science is a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry. CULT’s robust portfolio of investments in cutting-edge, venture-backed cellular agriculture and lab-grown meat companies provides widespread investor access to the future of food. Backed by a team of experts with extensive experience in food technology and launching consumer food products, CULT is committed to being at the forefront of the food revolution.

 

Additional information can be found by viewing the Company's website at www.cultfoodscience.com or its regulatory filings on www.sedarplus.ca.

 

On behalf of the Board of Directors of the Company,

 

CULT FOOD SCIENCE CORP.

 

"Mitchell Scott"

Mitchell Scott, Chief Executive Officer

 

For further information about CULT Food Science Corp.:

Tel: + 1 (888) 733 - 8581

Email: IR@CULTFoodScience.com

Web: CULTFoodScience.com

Twitter: @CULTFoodScience

 

Forward-Looking Information:

 

This news release contains certain statements that constitute “forward looking information under Canadian securities laws (“forward-looking statements”). The use of words such as “anticipates”, “expected”, “projected”, “pursuing”, “plans” and similar expressions identify forward-looking statements. Forward-looking statements in this news release include statements regarding the application for the MCTO and the completion of the Required Filings and the timing thereof. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws. The reader is cautioned not to place undue reliance on forward-looking statements.