on GLG Life Tech Corporation (isin : CA3617932015)
GLG Life Tech Corporation Updates on Delayed Financial Filings and Subsidiary Events
VANCOUVER, BC / ACCESSWIRE / May 23, 2024 - GLG Life Tech Corporation (TSX:GLG) has announced updates regarding its delayed financial filings. The British Columbia Securities Commission (BCSC) issued a failure-to-file cease trade order (FFCTO) due to the company's delay in filing its 2023 financials. These delays are attributed to late court notifications from a Chinese court overseeing bankruptcy proceedings for GLG's subsidiary, Dongtai Runyang Stevia High Tech Co., Ltd.
Management, working with auditors, expects the delay to be rectified by June 17, 2024, and views the bankruptcy as beneficial, anticipating a reduction in liabilities. The delay also affects the 2024 Q1 financials, now pending.
Additionally, shareholders have approved the transfer of its subsidiary, Qingdao Runde Biotechnology Co., Ltd., to a third party, aiming to improve GLG's balance sheet by CAD 67 million. The annual general meeting is scheduled for June 28, 2024.
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