The Ontario Securities Commission (OSC) has revoked a cease trade order (CTO) against betterU Education Corp. The CTO was originally issued due to the company’s failure to file certain continuous disclosure documents within the required timeframe as mandated by Ontario securities law. These documents included audited annual financial statements, management’s discussion and analysis (MD&A), and certification of filings for the year ended March 31, 2020, as well as subsequent interim financial reports and related MD&A for the periods ending June 30, September 30, and December 31, 2020, and executive compensation disclosure.
betterU Education Corp. has since remedied the defaults by filing the overdue documents. The company is now up-to-date with its continuous disclosure obligations and has paid all outstanding fees. It has also provided a written undertaking to hold an annual meeting of shareholders within 90 days of the revocation of the CTO and to prepare a management information circular in accordance with regulatory requirements.
The OSC, acting as the Principal Regulator, determined that revoking the CTO was appropriate under the Securities Act (Ontario) and National Policy 11-207, which governs failure-to-file cease trade orders and revocations in multiple jurisdictions. The decision was based on the company’s remedial actions and the absence of any material changes in its business that had not been disclosed. The revocation allows betterU Education Corp. to resume trading its shares, which are listed on the TSX Venture Exchange and the Frankfurt Stock Exchange. The company has committed to issuing a news release and filing a material change report regarding the revocation of the CTO.