Numinus Wellness Provides Insight on Its Annual Financial Reporting Process During Management Cease Trade Order

Numinus Wellness Provides Update on Annual Filings

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF), a prominent player in the mental health care sector, has recently updated stakeholders regarding its ongoing compliance with financial reporting, amidst a management cease trade order (MCTO). This order stems from unforeseen delays related to the filing of its audited annual financial statements (the "Audited Financial Statements"), management discussion and analysis (MDA), and annual information form (AIF) for the fiscal year ending August 31, 2024.

On December 2, 2024, the British Columbia Securities Commission approved the MCTO under National Policy 12-203. This stop order restricts the company's Chief Executive Officer and Chief Financial Officer from trading shares of Numinus until the necessary financial documents are submitted and the MCTO is lifted. Although this order affects the management team's ability to trade, it does not limit shareholders from trading their securities.

During this interim period, Numinus has declared an intention to halt all share buy-back actions as part of its typical issuer activities, signaling a commitment to transparency and compliance amidst this challenging situation. The company's Board of Directors, alongside its management team, is working closely with its accounting personnel to expedite the completion of the annual filings. Numinus anticipates that all relevant filings will be finalized by January 28, 2025.

In the absence of completed filings, Numinus is adhering to alternative information guidelines outlined in NP 12-203, which mandate regular updates on progress. The company will issue bi-weekly reports regarding its filing status, made available through news releases on SEDAR+.

Since the announcement of the MCTO, Numinus has assured stakeholders that it remains in good standing with its reporting responsibilities. There have been no failures to fulfill commitments related to alternative information guidelines, nor is the company facing any insolvency proceedings that could impact its financial standing. Importantly, there is no undisclosed material information that would affect shareholders or market perception.

Numinus, recognized for its innovative approach to mental health treatment, is at the forefront of integrating psychedelic-assisted therapies into traditional clinical practices. The company aims to offer safe, evidence-based treatment strategies that target the symptoms of various mental health challenges, including depression, anxiety, and trauma. Through its dedication to pioneering therapeutic solutions, it is helping reshape the future of mental health care.

For those interested in following Numinus' progress in the psychedelic research and mental wellness sectors, additional information is available through their official website and social media platforms. Regular updates regarding the completion of the annual financial filings and further developments will be communicated as they occur, reflecting Numinus' commitment to transparency and accountability in its corporate practices.

In conclusion, while Numinus Wellness Inc. navigates this temporary filing setback, its ongoing efforts and proactive communication demonstrate a strong commitment to stakeholders and the broader mental health care community. Investors and interested parties are encouraged to stay informed through the company's upcoming communications as they work towards overcoming this challenge.