LBC Express Holdings Inc. is deferring its planned share sale citing the staleness of the financial statement it has submitted to regulators last year.
“We understand that under the current rules of the commission, at the time that the registration statement is rendered effective, the financial information stated therein should be as of a date not earlier than 180 days therefrom,” the company said in a regulatory filing.
“As the commission is well aware the company’s financial statements which were included as part of the registration statement described above consisted of those for the full-year ended December 31, 206, 2017, and 2018, as well as for the stub period March 31, 2019.
Consequently, these financial statements have become stale and there is now a need to further update the same.
The company anticipates that it will take some time to have its financial statements audited or reviewed and for this reason has decided to defer the offer at a later time,” it added.
The company said itis withdrawing its application for the share sale “without prejudice to a possible refiling by the company of such application at a later date.”
“The company understands that in doing so the filing fee for this registration statement may be forfeited,” it added.
In April last year, LBC said it plans to sell to the public 69.1 million common shares consist of 10 million primary shares 59.1 million secondary shares.