GLG Life Tech Corporation Faces Delay in Annual Financial Statements Due to Debt Restructuring Progress

GLG Life Tech Corporation, a leader in the natural zero-calorie sweetener market, has announced a delay in filing its annual financial statements for the year ended December 31, 2023. The delay is due to the ongoing bankruptcy proceedings of its subsidiary, Runyang Stevia High Tech Co., Ltd., in China, and subsequent court orders affecting the company's debt restructuring efforts. These proceedings have reportedly not affected the company's production capabilities.

The recent Chinese court orders received in late March 2024 have led to significant adjustments in GLG's balance sheet, anticipated to improve by approximately 168M RMB due to the elimination of around 200M RMB in debt. Despite the delay caused by the timing of these court orders, GLG Life Tech is optimistic about the progress in its multi-year debt restructuring plan and expects to file the necessary financial documents by May 31, 2024.

Due to the close proximity of the filing deadline, the company was unable to obtain a Management Cease Trade Order, facing a likely Cease Trade Order for failing to meet the filing requirements. GLG Life Tech affirms its commitment to comply with alternative information guidelines and to complete the audit and filing processes as swiftly as possible, emphasizing its readiness in terms of financial and personnel resources.