The Ontario Securities Commission has revoked a cease trade order (CTO) against Star Navigation Systems Group Ltd., initially issued due to the company’s failure to file required continuous disclosure documents on time. The CTO was implemented on November 1, 2019, after the company did not submit its annual audited financial statements, management’s discussion and analysis (MD&A), and certifications for the year ended June 30, 2019, as mandated by National Instrument 51-102 and National Instrument 52-109.
Subsequently, the company also missed filing additional documents, including annual and interim financial reports and related MD&A for various periods up to March 31, 2021, and their certifications. However, Star Navigation Systems Group Ltd. has since remedied these defaults by updating all required continuous disclosure filings.
The company is now compliant with its disclosure obligations, has no defaults under securities legislation in the reporting jurisdictions, except for the existence of the CTO, and has paid all necessary fees. There have been no material changes in the company’s business that have not been disclosed.
Based on these facts, the commission determined that revoking the CTO is appropriate under the Securities Act, R.S.O. 1990, c. S.5, as amended, section 144, and in accordance with National Policy 11-207. The revocation allows the company to resume trading, provided it issues a news release and files a material change report about the revocation.