The Securities Commission has granted an order for Engagement Labs Inc. to cease being a reporting issuer in all Canadian jurisdictions where it previously held this status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for an entity to cease being a reporting issuer.
The key considerations for the decision included the fact that Engagement Labs Inc. was not an OTC reporting issuer, its securities were owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide, there was no public trading of its securities on any marketplace, and the company was not in default of any securities legislation.
The Ontario Securities Commission, serving as the principal regulator, determined that Engagement Labs Inc. met the legislative requirements to cease being a reporting issuer, and therefore, the order was granted.