The Ontario Securities Commission (OSC) has granted an application by Ceres Acquisition Corp. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision is based on several key factors:
1. Ceres Acquisition Corp. is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 holders worldwide.
3. Its securities are not traded on any public marketplace or facility in Canada or elsewhere that reports trading data.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it is recognized as such.
5. The company is not in default of any securities legislation in any jurisdiction.
The OSC’s decision is supported by the criteria outlined in the applicable securities legislation, specifically the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii). The OSC, acting as the principal regulator, has determined that Ceres Acquisition Corp. meets the legislative requirements to cease being a reporting issuer, and therefore, the order has been granted.