Candyverse Abandons Initial Public Offering and CSE Listing
Vancouver, BC - TheNewswire - March 14, 2023 - Candyverse Brands Inc. ("Candyverse" or the "Company") announces that it has determined to withdraw its application to have its common shares (the “Common Shares”) listed for trading on the Canadian Securities Exchange and the concurrent abandonment of its efforts to complete an initial public offering of the Common Shares (the “IPO”).
The Company’s board of directors has determined that due to limited investor participation in the IPO it is no longer in the best interests of the Company to pursue a public listing at this time. The Company will continue to operate its business in the ordinary course and management will continue to explore strategic alternatives, which may or may not include a public listing for its Common Shares, with a view to maximizing shareholder value.
About Candyverse Brands Inc.
Candyverse Brands Inc. is a consumer-packaged snacking company that is focused on the manufacturing and distribution of plant-based, all-natural, low sugar candy products to consumers looking for "Better-For-You" snacking alternatives. "Better-for-You" foods refers to foods that use natural, simple, recognizable, or whole food ingredients and are generally perceived by consumers as alternatives to higher sugar and calorie products often found in conventional candy.
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Vice President, Investor Relations
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Candyverse. Forward looking statements include anticipated closing of the Offering. Factors which could cause actual results to differ include failure of investors to purchase the Offering, delay in expected timing to close and inability to obtain final Canadian Securities Exchange approval. Although Candyverse believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Candyverse disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.