NioCorp Granted Extension to File Third Quarter Financial Statements
CENTENNIAL, CO. (May 17, 2023) NioCorp Developments Ltd. (“NioCorp” or the “Company”) (Nasdaq: NB; TSX: NB) announced today that its principal Canadian regulator, the Ontario Securities Commission (“OSC”), has approved an extension to file the Company’s third quarter financial statements for the period ended March 31, 2023, the related management’s discussion and analysis, and the CEO and CFO certifications relating to the third quarter financial statements (collectively, the “Canadian Required Documents”) through to May 23, 2023 (the “Canadian Filing Deadline”).
In addition, as a U.S. Securities and Exchange Commission (“SEC”) reporting issuer, NioCorp filed a Form 12b-25 Notification of Late Filing with the SEC on May 16, 2023, to provide for a U.S. extension through May 22, 2023 (the “U.S. Filing Deadline”, and together with the Canadian Filing Deadline, the “Filing Deadlines”) to file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 (the "U.S. Required Document" and, together with the Canadian Required Documents, the "Required Documents").
NioCorp’s management is working diligently to remedy the situation and anticipates filing the Required Documents by the Filing Deadlines.
Should the Company fail to file the Required Documents by the Canadian Filing Deadline, the Company expects that the OSC will grant a management cease trade order (the “MCTO”) which would restrict all trading in securities of the Company by NioCorp’s Chief Executive Officer, Chief Financial Officer, and directors until such time as the Required Documents have been filed by the Company and the MCTO has been revoked.
As previously announced on May 11, 2023, the closing of the Company’s previously announced business combination (the “Business Combination”) with GX Acquisition Corp. II (“GX”) and the high level of complexities in integrating GX and accounting for the Business Combination resulted in the delay in filing the Required Documents.
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