The Securities Commission has granted an order for Verde Agritech PLC to cease being a reporting issuer, meaning it will no longer be subject to public reporting requirements in Canadian jurisdictions. The decision was made under the authority of the Securities Act (Ontario) and was based on several key findings:
1. Verde Agritech PLC is not an OTC reporting issuer, meaning it is not subject to certain U.S. over-the-counter market reporting obligations.
2. The company’s securities are held by fewer than 15 security holders in each Canadian jurisdiction and less than 51 worldwide.
3. Its securities are not traded on any public marketplaces in Canada or elsewhere.
4. The company is not in default of any securities legislation in any jurisdiction.
The application was processed under the National Policy 11-206 framework, with the Ontario Securities Commission acting as the principal regulator. The order was issued after determining that Verde Agritech PLC met the criteria for ceasing to be a reporting issuer, as outlined in the applicable securities legislation.