Portage Biotech Inc. (PRTG)

[mauiguy2]

Ugh! Despite the various optimistic forecasts and the numerous "soons" we've been hearing for many months, I can't say that I'm real surprised by the latest. Very disappointing to say the least. Hard to believe that this is the same management team that brought us BHVN.

https://finance.yahoo.com/news/portage-provides-default-status-report-201700247.html

Portage provides default status report
PR Newswire PR Newswire•October 31, 2019
TORONTO, Oct. 31, 2019 /PRNewswire/ - Portage Biotech Inc. (CSE: PBT.U, OTC Markets: PTGEF) ("Portage" or the "Company") is providing the following update on the status of efforts being made to revoke a failure to file cease trade order issued by the Ontario Securities Commission (the "OSC") on August 2, 2019 (the "FFCTO") against the securities of the Company. The Company is currently in default for failure to file its audited annual financial statements for the year ended March 31, 2019, interim financial statements for the 3 month period ending June 30, 2019 and accompanying management discussion and analysis for each period together with the related certifications (collectively, the "Required Filings").

At the time of issuance, the terms of the FFCTO provided that it could be revoked if the Required Filings were completed and filed by October 31, 2019. Unfortunately, due to the SalvaRx Limited acquisition completed earlier this year, the audit process for the Required Filings became unexpectedly complex (see the Company's news release of July 26, 2019). The auditors of the Company, Marcum LLP, have advised that certain accounting issues remain outstanding which are required to be resolved before they are able to release their audit report. The Company is seeking clarification on these issues. As a consequence, the Company will not be able to file the Required Filings until after October 31, 2019 and, as such, will need to make a formal application to the OSC to revoke the FFCTO.

As a further consequence of this delay, Portage risks disqualification from further trading on the CSE even after the FFCTO is revoked. The Company is using all of its efforts to avoid this outcome but there is no assurance that it will be successful.

Portage common shares continue to trade on the OTC grey market. Once the Required Filings have been made and the FFCTO revoked, it is the Company's intention to complete the filing of Form 15c211 with FINRA to activate trading on the regular OTC market.

The Company reports that since its last news release of August 26, 2019, there is no material information concerning the affairs of the Company that has not been generally disclosed. In parallel, we continue to advance our medicines and will be providing additional updates in due course.