Cronos Group Inc. CRON CRON said Monday it has submitted a Form 12b-25 with the U.S. Securities and Exchange Commission to postpone the date of filing its annual report for 15 days.
The company said it couldn’t finalize its financial report and statements for fiscal 2019 because of an enduring review by its audit committee and outside counsels, which have been thoroughly examining a few bulk resin purchases and product sales via the wholesale channel.
Cronos Group said on Feb. 24 it will postpone the release of its financial results for the fourth quarter and 2019 and investor conference call, which had been set for Feb. 27.
Although the company plans to report its financial results within the extension period of 15 days, it has noted it can’t guarantee it will be able to comply with the new deadline.
Cronos Group shares dropped 6.8%, hitting $5.61 per share in Tuesday’s pre-market session.
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