Fobi AI Inc., a leader in AI-driven data intelligence for digital transformation, has provided a corporate update on its ongoing efforts to resolve a Cease Trade Order (CTO) issued by the British Columbia Securities Commission due to delayed 2024 financial filings. The company is actively working to finalize its audit and resume trading.
Fobi AI faced a CTO from the British Columbia Securities Commission following the non-filing of its 2024 annual financial statements and management discussion and analysis, originally due on October 28, 2024. CEO Rob Anson acknowledged the delay, attributing it to a prolonged audit process. To address this, Fobi has enhanced its finance team and implemented key improvements, including automated workflows, full system integration, and monthly reconciliations across its international operations. These measures aim to ensure long-term efficiency, security, and transparency in financial reporting.
“We acknowledge that the audit process has taken longer than anticipated,” said Rob Anson, CEO of Fobi AI. “We have strengthened our finance team and have implemented key enhancements to ensure stronger processes and controls.”
Fobi AI is working diligently with its auditors at MNP to finalize the 2024 Annual Filings. Once completed and reviewed, the company will submit a trade resumption application to the British Columbia Securities Commission. A trade resumption date will be established pending regulatory approval. Fobi remains confident in the integrity of its reporting and the progress made, expressing gratitude for MNP’s support.
“We are grateful for the continued support of our auditors at MNP, and as we move towards the completion of our filings, we remain confident in both the integrity of our reporting and the progress achieved to date,” Anson added.
Fobi AI emphasizes its dedication to governance and transparency, assuring stakeholders that it is prioritizing compliance with regulatory standards. The company has been issuing regular updates, with recent communications on November 1, December 6, and December 12, 2024, detailing its progress. Unlike the previous year, when Fobi applied for a Management Cease Trade Order (MCTO), the company opted not to pursue an MCTO in 2024 due to confidence in meeting the filing deadline, though unforeseen delays occurred.
Fobi is focused on completing the audit promptly and will continue to provide updates through official channels, including its website and the Fobi Investor Experience Wallet Pass for enhanced investor access.
Founded in 2017 in Vancouver, Canada, Fobi AI is a leading AI and data intelligence company that provides businesses with real-time applications to digitally transform and future-proof their organizations. Fobi enables businesses to leverage customer data for personalized experiences and drives digital sustainability by reducing paper and plastic waste.
TechIntelPro empowers B2B technology decision-makers with the latest industry trends, deep insights, leadership perspectives and actionable intelligence to drive both organizational and professional milestones—and thrive on the tech pulse.