It is very common for listed firms to include information that reflects the the most recent progress after the reporting period in their Quarterly disclosures.
For example, see this sentence on page 4 in the AVZ report:
“AVZ commenced trading in its ordinary shares on the OTCQX Best Market (on 13 January 2022) under the ticker symbol “AZZVF”.”
See, they are more than happy to report include the crucial January milestones if the progress is positive.
“AVZ continues to work with requests for additional information which will be submitted to the review committee shortly.”
This sentence suggests that AVZ has not submitted all required information by the end of January.
Otherwise, they can simply delete this sentence in the quarterly report; alternatively, they can make detailed footnote disclosure telling us that they have submitted on some day, Jan, as they report the OTCQX progress.
The disclosure suggests that ML will take looooonger time and the process is more challenging than our expectations and also management’s fantasy.
That means, we should revise our expectations regarding the ML waiting time accordingly. The management has clearly underestimated the difficulties and has issued much over-optimistic forecasts in the previous rounds.
I hope that the management can make some informative updates that address our concerns and reduce the current opaqueness.
AVZ Price at posting:
70.0¢ Sentiment: Hold Disclosure: Held
