Sprout AI (CSE: BYFM), a technologically focused, sustainable vertical farming company, has developed scalable, AI-controlled aeroponic cultivation habitats and technology that provides solutions to the ever-increasing complexities surrounding current and future needs of a sustainable global food production and supply chain. As referenced in its Oct. 21 press release, the company confirms that it is not aware of any material, undisclosed corporate developments and has no material changes to report at this time. Sprout AI would like to assure its investors that the trading volume and resulting downward pressure that took place in October is not a reflection of the company’s financial health or future business opportunities. Sprout AI has consistently met and superseded key performance indicators (“KPIs”) set by its team and continues to work diligently on opportunities that will bring both revenue and shareholder value. Sprout AI released its third quarter financial statement and MD&A on Nov 1, 2021, in which it highlighted transitioning from primary reliance on equity financing to reliance on non-refundable client deposits and anticipates its working capital will continue to improve. In addition, the company announced that, effective Nov. 5, 2021, it officially commenced trading under the symbol BYFM on the Canadian Securities Exchange (“CSE”).
The company also issued a clarification at the request of the Investment Industry Regulatory Organization of Canada (“IIROC”) and the CSE following its Oct. 28, 2021, press release. The company wishes to convey that the Oct. 28 press release had not been reviewed prior to its dissemination by IIROC and the CSE. In the release, the company identified potential investor confusion related to the SPRT symbol used in the United States for a NASDQ-listed issuer unrelated to Sprout AI. The company also stated that “NASDAQ: SPRT undertook a substantial short position that resulted in the stock halting trading.” Sprout AI wishes to clarify that Support.com (NASDAQ: SPRT) was halted from trading due to volatility during a merger that took place in September 2021. Sprout AI CEO Chris Bolton previously stated that IIROC “is reviewing the information provided concerning explanations for this unexpected sell-off. . .” The company clarified that it had submitted multiple concerns to IIROC and received an acknowledgment of the submission and regrets any implication that IIROC had validated or given merit to any of the allegations submitted by Sprout AI to IIROC related to any claims previously announced by the company. In addition, in its Oct 28. news release, Sprout AI discussed its request to change its ticker symbol, referencing three symbol choices at the time of listing. The company recognizes that the listing exchanges in Canada and the U.S. do not coordinate symbols in the symbol assignment process. The CSE, therefore, has reserved BYFM as Sprout AI’s new symbol, which is not currently in use in Canada or the U.S.
To view the full news releases, visit https://cnw.fm/Bue6p and https://cnw.fm/b4Au3
About Sprout AI
Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical cultivation equipment for indoor vertical farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles independent of geographic climates. The self-contained multilevel rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants. For more information about Sprout AI, please visit www.SproutAI.solutions.
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