Major developments are taking place in Cielo Waste Solutions Corp (OTCMKTS:CWSFF) – read on:
New addition to Board
The company proudly announces the addition of Andrea Whyte to its Board of Directors. She is a partner with Osler, Hoskin & Harcourt, with her practice being focused on corporate finance, mergers and acquisitions, corporate governance, executive compensation and general corporate matters. She is excited to come on board of a Company that provides clean, innovative, renewable energy solutions to combat the problem of excess waste.
MCTO update
An update about the previously announced management cease trade order – MCTO, issued by the British Columbia Securities Commission, has been provided too. The MCTO was issued due to delayed filing of Cielo’s annual audited financial statements for the year ended April 30, 2021, relevant management discussion and analysis, and officer certificates.
As of now, the Company doesn’t expect a delay in filing their interim financial statements, management’s discussion and analysis, and the related officer certifications. This covers the 3-month period that ended July 31, 2021, prior to its filing deadline as per National Instrument 51-102 – Continuous Disclosure Obligations. Moreover, the MCTO won’t affect ability of shareholders who aren’t insiders, when it comes to trading their common shares of the Company. However, the CEO, CFO and insiders have to operate under a trading blackout.
Market Reaction:
On Tuesday, CWSFF stock plunged 17.50% at $0.4964 with more than 2.98 million shares, compared to its average volume of 851k shares. The stock has moved within a range of $0.4328 – 0.6166 after opening the trade at $0.60.
