IRVINE, Calif., Nov. 25, 2025 (GLOBE NEWSWIRE) -- Tellus Power Globe Holding Limited (“Tellus Power,” “we,” or the “Company”), an innovative provider of electric vehicle (“EV”) charging solutions, today announced the appointment of former UK government minister Steve Norris as a Non-Executive Director to its board of directors (the “Board”). Mr. Norris brings to Tellus Power more than four decades of senior leadership across government, large-scale infrastructure, global transport, and corporate governance. ...

Initial Public Offering - The company completed its Initial Public Offering on June 20, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[116]. - The company incurred total fees of $14,462,875 related to the Initial Public Offering, which included a cash underwriting fee of $4,000,000 and a Deferred Fee of $9,800,000[125]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,332,213, primarily from interest income of $2,528,262 on marketable securities held in the Trust Account[122]. - For the nine months ended September 30, 2025, the company reported a net income of $6,778,619, with interest income of $7,453,394 offset by operating costs of $674,775[122]. - Cash used in operating activities for the nine months ended September 30, 2025, was $479,562, with changes in operating assets and liabilities using $195,213 of cash[126]. Marketable Securities - As of September 30, 2025, the company had marketable securities in the Trust Account totaling $243,788,499, including $13,788,499 of interest income[128]. - The company has cash held outside the Trust Account amounting to $336,455 as of September 30, 2025, primarily for evaluating target businesses[130]. Business Combination - The company has until June 20, 2026, to complete its Business Combination, or it will cease operations and liquidate[119]. - The company may seek to extend the Combination Period with shareholder approval, which could affect its ability to maintain its Nasdaq listing[120]. Shareholder Rights - The holders of Founder Shares and Private Placement Warrants are entitled to registration rights, allowing them to demand registration for resale of these securities up to three times[139]. - Class A Ordinary Shares subject to possible redemption are classified as temporary equity, reflecting uncertain future events and redemption rights outside the company's control[147]. Legal and Administrative Fees - As of September 30, 2025, legal fees incurred from Wasserstrom amounted to $225,000, with a remaining balance of $175,000 recorded as deferred legal fees[143]. - The company incurred $45,000 and $135,000 in administrative service fees for the three and nine months ended September 30, 2025, respectively[136]. Accounting Standards - The company adopted ASU 2023-07, requiring additional disclosures regarding segment expenses, effective for fiscal years beginning after December 15, 2023[149]. - The company is evaluating the impact of adopting ASU 2024-03, which mandates additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[150]. - Management does not anticipate any recently issued accounting standards to materially affect the financial statements[151]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[152]. Earnings Per Share - Net income (loss) per Ordinary Share is calculated using the two-class method, allocating net income (loss) pro rata to different classes of shares[148].

Core Insights - CubicFarms Systems Corporation is currently under a failure-to-file cease trade order issued by the British Columbia Securities Commission, which prohibits trading of its securities in Canada [1] - The company's auditors are finalizing the 2024 fiscal year audit, with expectations to complete the audit and file Q1, Q2, and Q3 financial statements soon [2] - HydroGreen, a subsidiary of CubicFarms, has sold two DGS 66 production machines to Grupo Platt in Mexico, marking a significant step in integrating technology into the cattle industry [3][4] Company Updates - The failure-to-file case trade order restricts any trading or purchasing of CubicFarms' securities in Canada, affecting its common shares on the TSX Venture Exchange and OTC market in the US [1] - Management has acknowledged delays in filing the 2024 financial statements and is taking steps to expedite the process by adding resources [2] - HydroGreen's sale of two DGS 66 units to Mexico is part of a broader strategy to introduce innovative feed solutions to ranchers, enhancing productivity and reducing costs [3][4] Industry Impact - The deployment of HydroGreen's systems in Mexico is seen as a transformative move for the cattle industry, combining traditional practices with modern technology to improve feed efficiency [3] - HydroGreen's patented indoor fodder system is designed to be water-efficient and is expected to meet the growing demand for sustainable livestock feed solutions [4][8] - The company's technology aims to enhance livestock productivity while also contributing to environmental benefits, such as reducing methane emissions from ruminant livestock [8]

Core Points - CubicFarm® Systems Corp. announced the resignation of Michael McCarthy from its Board of Directors effective October 9, 2025 [1] - Michael McCarthy joined the Board in December 2018 and played a significant role in the company's early growth and strategic direction [2] - Leo Benne has been appointed to the Board of Directors effective October 11, 2025, bringing over 40 years of experience in the agricultural and horticultural industries [3] - The company is focusing on expanding its Hydrogreen Inc.'s Feed-as-a-Service (FaaS) model and accelerating global sales of its patented sprouted grain technology [4] Company Overview - CubicFarms is a leading agricultural technology company that develops and deploys technology to address food supply challenges [7] - The company’s proprietary ag-tech solutions enable the production of high-quality produce and fresh livestock feed [7] - HydroGreen, a subsidiary of CubicFarms, produces Automated Vertical Pastures™, which sprout grains in a controlled environment for livestock feed [6]

Financial Performance - For the three months ended June 30, 2025, the company reported a net income of $2,247,708, driven by interest income of $2,477,873, with operating costs of $230,165 [112]. - For the six months ended June 30, 2025, cash used in operating activities was $321,655, with a net income of $4,446,406 influenced by interest earned on marketable securities of $4,925,132 [117]. Marketable Securities - As of June 30, 2025, the company had marketable securities held in the Trust Account amounting to $241,260,237, which includes $11,260,237 of interest income [119]. Initial Public Offering - The company completed its Initial Public Offering on June 20, 2024, raising $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit, including the full exercise of the Over-Allotment Option [116]. Administrative and Legal Costs - The company incurred $45,000 and $90,000 in administrative service costs for the three and six months ended June 30, 2025, respectively [124]. - The company incurred an aggregate of $250,000 in legal fees as of June 30, 2025, related to corporate legal matters [129]. Business Combination Plans - The company has until June 22, 2026, to consummate a Business Combination, after which a mandatory liquidation may occur if not completed [122]. - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of a Business Combination [107]. - The company may seek to extend the Combination Period by amending its Articles, which would require Public Shareholder approval [109]. Cash Position - The company had cash of $569,362 as of June 30, 2025, intended for identifying and evaluating target businesses [120].

Core Viewpoint - CubicFarm Systems Corp. has received a failure-to-file case trade order (FFCTO) from the British Columbia Securities Commission due to delays in filing required financial statements for the fiscal year ended December 31, 2024, and interim financial statements for the three-month period ended March 31, 2025 [1][2]. Group 1: Regulatory Actions - The BCSC issued the FFCTO prohibiting trading in the company's securities in Canada, with specific conditions allowing certain beneficial securityholders to sell their securities under regulated market conditions [1][2]. - The FFCTO replaces a previously granted management cease trade order that was issued on April 30, 2025, which has now been revoked [3]. Group 2: Financial Reporting Delays - The company failed to file its Required Annual Filings by the April 30, 2025 deadline and Required Interim Filings by the May 30, 2025 deadline, as mandated under National Instrument 51-102 [2]. - The company is actively working with auditors to complete the Required Filings and expects to file the Required Annual Filings for 2024 in the coming weeks [3]. Group 3: Company Overview - CubicFarms is a leading local chain agricultural technology company focused on developing solutions for sustainable food production, utilizing proprietary ag-tech solutions to produce high-quality produce and livestock feed [5]. - The company’s HydroGreen Nutrition Technology division offers innovative growing systems that enable year-round production of crops indoors, contributing to a localized food supply [5].

Core Points - CubicFarm® Systems Corp. is currently under a temporary management cease trade order (MCTO) until June 30, 2025, due to its inability to file annual audited financial statements by the April 30, 2025 deadline [2][3] - The British Columbia Securities Commission has granted an extension for the company to file the required financial statements, which are still undergoing the audit process [4] - The company has confirmed that there have been no material changes in its situation since the last news release on May 1, 2025, and it continues to comply with the alternative information guidelines [4] Company Overview - CubicFarms is a leading local chain agricultural technology company focused on developing and deploying technology to address food supply challenges [8] - The company’s proprietary ag-tech solutions enable the production of high-quality, predictable produce and fresh livestock feed through its HydroGreen Nutrition Technology [8] - CubicFarms' systems utilize patented technology for growing crops indoors year-round, providing an efficient and localized food supply solution [9]

Financial Performance - As of March 31, 2025, the company reported net income of $2,198,698, primarily from dividend income on marketable securities held in the Trust Account amounting to $2,447,259[107]. - For the three months ended March 31, 2025, cash used in operating activities was $193,339, with net income impacted by dividend earnings[111]. - The company incurred $45,000 in administrative service costs for the three months ended March 31, 2025, under the Administrative Services Agreement[119]. Marketable Securities - The company had marketable securities in the Trust Account totaling $238,782,364, which includes $8,782,364 of interest income[114]. - As of March 31, 2025, the company had cash of $697,678 available for operational and due diligence activities[115]. Initial Public Offering - The Initial Public Offering was completed on June 20, 2024, raising $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit, including the full exercise of the Over-Allotment Option[110]. - The Deferred Discount for underwriters of the Initial Public Offering amounts to $9,800,000, payable upon completion of the initial Business Combination[121]. - The company has a loan agreement with the Sponsor for up to $300,000 to cover Initial Public Offering expenses, which was repaid at the closing of the IPO[109]. Financial Obligations - The company has no long-term debt or capital lease obligations as of the reporting date[118]. - The company may need to raise additional funds if the costs of identifying a target business exceed current estimates[117].

Core Viewpoint - CubicFarm Systems Corp. has received a management cease trade order (MCTO) from the British Columbia Securities Commission, allowing the company until June 30, 2025, to file its annual financial statements for the year ended December 31, 2024, due to delays in completing its year-end audit for 2023 [1][2][6]. Group 1: Management Cease Trade Order (MCTO) - The MCTO prohibits the CEO and CFO from trading in the company's securities until the required filings are submitted [3]. - The company is committed to following the alternative information guidelines while in default for failing to file the required documents [4]. - Failure to file the required filings within the two-month grace period may lead to a cease trade order (CTO) being imposed by securities regulators [6]. Group 2: Audit and Financial Statements - The delay in filing is attributed to the completion of the previous audit for the year ended December 31, 2023 [2]. - The company has engaged its auditor to complete the audit of the financial statements and expects to file the required documents by June 30, 2025 [7]. Group 3: Company Status - As of the date of the announcement, the company is not undergoing any insolvency proceedings and has disclosed no other material information that has not been made public [5].

Core Insights - G. David Cole has resigned from the Board of Directors of CubicFarm® Systems Corp. effective April 16, 2025, due to his upcoming retirement from RBC and a planned reduction in professional commitments [1][3] - Cole joined the Board in January 2022 and contributed significantly to the company's strategic direction during a transformative period [2][3] Company Overview - CubicFarms is a leading agricultural technology company focused on developing and deploying innovative solutions to address global food supply challenges [7][8] - The company utilizes proprietary ag-tech solutions to produce high-quality, predictable produce and fresh livestock feed, leveraging HydroGreen Nutrition Technology, a subsidiary of CubicFarm Systems Corp. [7][8]