Nabati Foods (MEAL.C) halts operations due to financial statement delays


Nabati Foods (MEAL.C)an Edmonton, Alberta-based company that focuses on providing whole, natural, plant-based, gluten-free and soy-free foods, announced today that it has halted trading on the Canadian Stock Exchange securities.

This review follows a July 8, 2022, press releasewhich updated its self-imposed cease trade order (MCTO) on June 20, 2022. This MCTO followed a previous MCTO issued by the company on May 3, 2022.

These administrative measures were put in place after the company did not produce its financial statement for the year ending December 31, 2021. Nabati started 2022 at $0.42 per share and has since fallen 88% to trade at $0.05 per share on July 8, 2022.

There was a major management shake-up in early May when the company announced that it had replaced its interim CEO, Michael Aucoin, with company founder Ahmad Yehya. Shortly after this announcement, Nabati CFO Kelvin Lee has resigned from his post to be replaced by Becky Leong. Not stopping there, the company’s director, Don Robinson, also resigned from his position and was replaced by Sean Ty, a veteran of the Canadian financial markets.

This did not help investor sentiment as it followed a announcement in april that two other board members have also resigned from their positions.

Shareholder confidence continued to be shaken, as Nabati’s press releases since May 17, 2022 consisted only of updates to the company’s MCTO and continued delays in releasing its financial statements.

Management has now said it expects the 2021 year-end statement to be released in late July instead of the previously announced June 30 release.

The company’s line of dairy-free and plant-based meat products remain available for sale on Nabati’s e-commerce site.

It’s not a singular dunk on Nabati, the whole sector is taking a hit as noted by the EATV ETF below, an active portfolio of global plant-based innovation companies and companies focused on climate change.

Courtesy of

You could argue that the current bear market and declining economy are having an undue impact on the plant-based food sector, but the real problem lies in the inane get-rich-quick investment strategies that plague stock exchanges. ‘today.

The plant-based foods sector is the latest bubble after psychedelics, NFTs and cannabis. Industry players are grappling with the reality of profitably selling specialty food products to a niche market.

Consolidation is the next step for the herbal sector and, as with cannabis, it remains to be seen if positive results can be achieved. That said, the future is unwritten and Nabati’s statements could tell a happier story than expected. Only time will tell.

Currently, Nabati is trading at $0.05 per share with a market cap of $2.5 million.

–Gaalen Engen


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