CORRECTION FROM SOURCE: Vertiqal Studios Provides Notice of Default

Executive Summary

• Vertiqal Studios Corp. anticipates being late in filing its audited annual financial statements, MD&A, and Annual Information Form for the year ended December 31, 2025, missing the March 31, 2026 deadline.
• The delay is attributed to the complexity of valuing assets acquired from Enthusiast Gaming Holdings Inc. and the engagement of a new audit partner and team.
• The company has applied for a management cease trade order under National Policy 12-203 to avoid an issuer cease trade order and expects to file the documents by April 24, 2026.

Key Details

• Filing Delay: The company will be late filing its audited annual financial statements, management discussion and analysis (MD&A), annual information form (AIF), and CEO/CFO certificates for the fiscal year ended December 31, 2025.
• Original Deadline: March 31, 2026.
• New Anticipated Filing Date: On or prior to April 24, 2026.
• Reason for Delay:
  • Complexity associated with the valuation of assets and entities acquired from Enthusiast Gaming Holdings Inc. (announced September 2, 2025).
  • The company’s auditors have engaged a new partner and team to lead the audit.
• Regulatory Action:
  • Application submitted to applicable securities regulators under National Policy 12-203 (Cease Trade Orders for Continuous Disclosure Defaults).
  • Requesting a management cease trade order rather than an issuer cease trade order.
  • A management cease trade order does not affect the ability of persons who are not directors, officers, or insiders to trade the company's securities.
• Compliance Measures:
  • The company will issue bi-weekly default status reports in the form of news releases for as long as it remains in default of the filing requirements.
  • The company confirms it is not subject to any insolvency proceedings.
  • The company confirms there is no other material information relating to its affairs that has not been generally disclosed.
• Refiling Notice: The release notes that the original March 24, 2026 release was refiled to include that the Annual Information Form was part of the delayed filings, inadvertently omitted from the original release.

Notable Quotes

• "The delay in filing the Filings is due to the complexity of the valuation of these assets and entities and the fact that the Company's auditors have engaged a new partner and team to lead the audit."