Prime Drink Group receives extension for annual financial filings

MONTREAL - Prime Drink Group Corp. (CSE:PRME), a beverage company with a market capitalization of $477.21 million, has received an extension to file its annual financial statements for the period ended March 31, 2025, the company announced Friday. According to InvestingPro data, the company currently trades at $3.57 per share.

The British Columbia Securities Commission granted a management cease trade order on July 30, extending the deadline for the company to submit its annual financial filings to September 29, 2025.

Under the terms of the order, Prime Drink Group’s CEO and CFO are prohibited from trading company securities until the financial statements are filed and the order is revoked. The restriction does not affect trading by other shareholders.

The company also completed a previously announced non-brokered private placement, raising $845,000. As part of the transaction, Prime issued 10,242,424 common shares and 7,681,818 warrants. Each warrant allows the holder to purchase one common share at $0.11 for three years from the closing date.

Additionally, the company issued 921,818 broker warrants as finders’ fees. The securities are subject to a four-month and one-day hold period in accordance with Canadian securities laws.

Prime Drink Group stated it intends to use the proceeds for business development and general working capital purposes.

The company indicated in the press release that it will continue to issue bi-weekly default status reports until it files the required financial documents.

In other recent news, Prime Medicine reported its second-quarter 2025 financial results, revealing a cash position of $115.4 million, a decrease from $158.3 million in the previous quarter. The company has also announced the launch of an underwritten public offering of its common stock, with an option for underwriters to purchase an additional 15% of the shares offered, depending on market conditions. In terms of analyst activity, Guggenheim has reduced its price target for Prime Medicine from $18 to $5, while maintaining a Buy rating, due to adjusted expectations for the company’s development pipeline. Similarly, Chardan Capital Markets lowered its price target to $10 from $12 after the financial results, but also maintained a Buy rating. Meanwhile, JMP Securities reiterated a $6 price target, citing additional funding from the Cystic Fibrosis Foundation to support the development of Prime Editors for cystic fibrosis. These developments reflect ongoing adjustments and strategic moves by Prime Medicine as it continues its efforts in the biotechnology sector.

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