Cann Global (CGB) has requested another extension to its voluntary ASX trading halt as it concludes due diligence on “a major opportunity” for the company.
CGB first requested the suspension in September 2022 while it concluded “a material transaction”, one of several the firm said it was pursuing at the time.
However, that deal – “among others which CGB has since actively reviewed and sought to progress” – failed to clear regulatory hurdles.
Last week, the firm told the ASX: “CGB has continued to review and progress opportunities and is currently concluding detailed due diligence on what directors believe to be a major opportunity for our company.
“While CGB had expected that this would be able to be concluded and announced prior to the expiry of the current voluntary suspension on September 15, 2023, additional time will be required to complete the legal and regulatory elements of this process as required by the ASX.
“Subject to satisfactory completion of these milestones, we look forward to providing further information and to moving the company forward to what we expect to be a much more successful period for CGB and our shareholders.”
CGB said it expects to make an announcement regarding “a proposed acquisition” by Friday October 20, 2023. It added it was not aware of any reason for the extension request to be denied.