The Securities Commission has granted an order for Acerus Pharmaceuticals Corporation (“the Issuer”) to no longer be considered a reporting issuer, following a successful application under National Policy 11-206. This decision also includes a full revocation of a previous failure-to-file cease trade order (FFCTO) that was issued due to the Issuer’s failure to file certain financial documents.
The Issuer had been under creditor protection since January 26, 2023, under the Companies’ Creditors Arrangement Act (CCAA). A reorganization process was approved by the court, which resulted in First Generation becoming the sole shareholder. The Issuer’s securities were delisted from the Toronto Stock Exchange and canceled on the OTC Pink in the United States.
The Issuer is not in default of any securities laws except for the obligation to file specific continuous disclosure documents. The Issuer has no intention of seeking public financing or maintaining a market for its securities.
The decision was made under the authority of section 144 of the Securities Act (Ontario) and sections 1(10)(a)(ii) of the same act, as well as National Policy 11-206 and National Policy 11-207. The outcome allows the Issuer to cease being a reporting issuer in all jurisdictions in Canada where it had this status.