Item 8.01 Other Events
Relying on Order for Reporting Relief
Due to the outbreak of, and local, state and federal governmental responses to,
the COVID-19 coronavirus pandemic, Sundance Strategies, Inc. (the "Company") is
filing this current report on Form 8-K to avail itself of an extension to file
its Annual Report on Form 10-K for the year ended March 31, 2020 (the "Annual
Report"), originally due on June 29, 2020. Specifically, the Company is relying
on an order issued by the Securities and Exchange Commission (the "SEC") on
March 25, 2020 (which extended and superseded a prior order issued on March 4,
2020), pursuant to Section 36 of the Securities Exchange Act of 1934, as amended
(Release No. 34-88465) (the "Order"), regarding exemptions granted to certain
public companies. The Order allows a registrant up to an additional 45 days
after the original due date of certain reports required to be filed with the SEC
if a registrant's ability to file such report timely is affected due to
COVID-19.
The Company's has experienced disruptions due to the unprecedented conditions
surrounding the COVID-19 pandemic spreading throughout the United States and the
world. These disruptions include but are not limited to limited availability of
key Company personnel and professional advisors who are needed to prepare the
Annual Report due in part to social quarantining. This has, in turn, delayed the
Company's ability to complete its audit and prepare the Annual Report. As a
result, the Company will be relying on the 45-day grace-period provided by the
SEC's Order to extend the filing deadline within which the Company is required
to file its Annual Report. The Company expects to file its Annual Report 10-K no
later than August 12, 2020, which is 45 days after the original due date of June
29, 2020.
A pandemic, epidemic or outbreak of an infectious disease in the United States
or elsewhere may adversely affect our business
In December 2019, a novel strain of coronavirus, COVID-19, was identified in
Wuhan, China. This virus continues to spread globally and, as of March 2020, has
spread to over 100 countries, including the United States. The spread of
COVID-19 from China to other countries has resulted in the World Health
Organization declaring the outbreak of COVID-19 as a "pandemic," or a worldwide
spread of a new disease, on March 11, 2020. We are still assessing the effect on
our business, from the spread of COVID-19 and the actions implemented by the
governments across the globe. A significant outbreak of contagious diseases,
such as COVID-19, could result in a widespread health crisis that could
adversely affect the economies and financial markets of many countries,
resulting in an economic downturn. As a result, our ability to raise additional
funds, if necessary, may be adversely impacted by risks, or the public
perception of the risks, related to the recent outbreak of COVID-19.
Furthermore, the third parties we engage, or seek to engage for development
activities may be adversely impacted by risks, or the public perception of the
risks, related to the recent outbreak of COVID-19, which may delay development
opportunities.
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