Intellipharmaceutics announces delay in filing its annual financial statements

Intellipharmaceutics International Inc., a pharmaceutical company engaged in the research, development and manufacturing of controlled and targeted release solid oral drugs, today said its audited financial statements for the fiscal year ended November 30, 2023 will not be filed by the deadline of February 28, 2024. This delay in filing the required documents is due to delays in the audit of the company's financial statements.

The Company expects the Ontario Securities Commission to issue a general cease trading order for failure to file required documents. However, Intellipharmaceutics confirms that it is not subject to any insolvency proceedings and that it will continue its commercial activities normally. The company is working to facilitate the audit to file the required documents as soon as possible and intends to immediately seek revocation of the cease operations order once the documents are filed.