The Securities Commission has granted an order for EXFO Inc. to cease being a reporting issuer. This decision follows EXFO Inc.’s arrangement agreement, shareholder approval, and subsequent amalgamation, resulting in the acquisition of all issued and outstanding subordinate voting shares (SVS), except those held by certain individuals, for $6.25 per SVS. The SVS were delisted from the NASDAQ and Toronto Stock Exchange, and all securities were canceled without repayment of capital as part of the amalgamation.
EXFO Inc. is now a private company with 36,032,304 common shares held by four shareholders, all in Quebec. The company has no intention of public financing and has fewer than 15 securityholders in each Canadian jurisdiction except Quebec. The company is not in default of securities legislation and has no securities traded on any public marketplace.
The order is based on the test set out in the applicable securities legislation, specifically the Securities Act, R.S.O. 1990, c. S.5, as amended, section 1(10)(a)(ii). The decision allows EXFO Inc. to cease being a reporting issuer in all Canadian jurisdictions where it had this status.