Halt trade order for Vancouver company that promised to manufacture COVID-19 PPE
Boxes of personal protective equipment are seen in this file photo. (CTV)
VANCOUVER -- British Columbia's securities regulator has joined its U.S. counterpart in issuing a "halt trade order" on a Vancouver-based technology company because of "questions regarding the accuracy and adequacy of information in the marketplace" about it.
The company in question, Micron Waste Technologies Inc., issued a press release on April 20 announcing that it would acquire a privately held Vancouver company known as COVID Technologies Inc.
The release describes COVID Technologies as being "established with the mission to ensure Canadians are healthy and safe by providing Canadian-made, high quality, vapour barrier technology (masks, protective garments), protecting them from biological hazards, pathogens, and superbugs."
It also says the company's "facility is capable of producing key pieces rapidly, with additional products already in planning stages as licenses are acquired. Beginning with 3-ply surgical masks and N95 respirators, COVID will support the immediate needs of the global medical community as the situation with COVID-19 progresses."
In a release announcing its halt trade order, the U.S. Securities and Exchange Commission calls those claims into question. The SEC writes that there are questions regarding the accuracy and adequacy of information in the marketplace about Micron Waste Technologies.
"Those questions relate to representations concerning Micron Waste’s acquisition of Covid Technologies Inc., and Covid Technologies’ present ability to rapidly manufacture personal protective equipment to meet the needs of the global medical community during the COVID-19 pandemic," the SEC writes.
The British Columbia Securities Commission cites the same concerns in announcing its own halt trade order.
The SEC has ordered a stop to trading of Micron Waste Technologies shares from May 27 until June 9, saying such a halt is "in the public interest."
The BCSC's halt-trading order extends until June 16.
"The BCSC may issue a halt trade order when it becomes aware of information, other than information filed under the Securities Act, that when disclosed to the public may cause unusual trading of an issuer’s securities," the commission said in its release on the matter.
As of its last day of trading on May 26, shares of Micron Waste Technologies were trading for 20.5 cents on the Canadian Securities Exchange.