Fobi AI Addresses Regulatory Challenges: Cease Trade Order and Shareholding Clarification

Fobi AI Faces Regulatory Challenges

Fobi AI Inc., a Vancouver-based AI and data intelligence company, is currently navigating regulatory hurdles that have impacted its operations and investor relations. The company, which specializes in digital transformation solutions, has recently faced a cease trade order (CTO) and has had to clarify information regarding its CEO's shareholdings 1

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Cease Trade Order and Financial Filings

On December 6, 2024, Fobi AI announced that it is working to address a cease trade order issued by the British Columbia Securities Commission. The CTO was implemented due to the company's failure to file its financial statements for the fiscal year ended June 30, 2024, along with the related management discussion and analysis, which were due on October 28, 2024 1

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Rob Anson, CEO of Fobi AI, stated:

"We understand the concerns of our investors and stakeholders, and we are fully committed to addressing this situation with the utmost diligence. Our team is working hard to finalize the audit, and we greatly appreciate the ongoing support and understanding from our shareholders during this process." 1

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The company is collaborating with its auditors to complete the 2024 Annual Filings promptly and ensure compliance with all applicable standards and regulatory requirements. Fobi AI has expressed confidence that once the audit is completed, it will be in a position to apply for the lifting of the CTO 1

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Clarification on CEO Shareholdings

In a separate press release on the same day, Fobi AI addressed another regulatory matter concerning the disclosure of CEO Rob Anson's total percentage of ownership in the company. Following a review by the British Columbia Securities Commission, the company clarified information previously included in its management information circulars regarding Anson's direct and indirect holdings 2

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Fobi AI affirmed that all represented shareholdings for Mr. Anson are accurate and that filings for insiders and officers of the company are current on www.sedi.ca. The shareholdings are calculated based on the issued and outstanding shares of the company at the record date reported in each respective circular 2

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Company Background and Future Outlook

Founded in 2017, Fobi AI positions itself as a leader in AI and data intelligence, providing businesses with real-time applications for digital transformation. The company works with global organizations across various sectors, including retail, CPG, insurance, sports & entertainment, and casino gaming 1

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Despite the current regulatory challenges, Fobi AI remains focused on its mission to deliver cutting-edge solutions to clients while providing value to shareholders. The company emphasizes its commitment to digital sustainability by eliminating paper waste and reducing plastic usage at scale 1

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As Fobi AI works to resolve these regulatory issues, it has promised to provide further updates to stakeholders through its official communications channels. The company continues to promote its Investor Experience Wallet Pass for enhanced access to investor information 1

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