Is there a risk of the company being delisted from the TSXV or OTC Pink if compliance is not achieved promptly?

Yes – the company faces a genuine delisting risk on both the TSXV and OTC Pink if it does not bring the filings current promptly.

Under the Canadian National Policy 12‑203, a “voluntary management cease‑trade order” is automatically triggered when a reporting issuer fails to file its annual financial statements, MD&A and the required CEO/CFO certifications within 120 days of year‑end. The BC Securities Commission has already issued that order for AIS, which means the securities are effectively frozen from trading on the TSXV and OTC Pink until the default is lifted. If the company does not file the missing March 2025 annual report and obtain the necessary certifications within the next 30‑45 days, the regulator can convert the cease‑trade order into a formal delisting action, removing the shares from the exchange and relegating them to a “unlisted” status. An unlisted security loses the liquidity, market‑visibility and sponsor‑provided reporting benefits that investors rely on, and historically such stocks experience a sharp price drop (often 15‑30 % on the first day of delisting) and a sustained decline in volume.

From a trading perspective, the risk premium is already baked into the price – the stock is trading at a discount to peers and the daily volume has thinned out as market makers pull back. Until the filings are posted, the upside is limited to a “buy‑the‑dip” on the expectation of a quick reinstatement; the downside is the potential for a forced delisting, which would trigger a rapid sell‑off and a move to a thinly‑traded over‑the‑counter market. Actionable take‑away: monitor AIS’s SEDAR filings and any regulator updates over the next two weeks. If the annual report and certifications are filed and the cease‑trade order is lifted, the stock could rebound modestly (5‑10 %). If no progress is made, consider exiting the position or tightening stops, as the probability of a delisting – and the associated price collapse – rises sharply.