The Securities Commission has granted Hammerhead Energy Inc. an order to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision, which is rooted in the Securities Act (Ontario) and is influenced by National Policy 11-206, was based on several key findings:
1. Hammerhead Energy Inc. 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 less than 51 holders globally.
3. No Hammerhead securities are traded on any public marketplace or facility where trading data is reported.
4. The company has requested to stop being a reporting issuer in all Canadian jurisdictions.
5. Hammerhead Energy Inc. is not in violation of any securities legislation.
The Alberta Securities Commission, acting as the principal regulator and representing the Ontario securities regulatory authority, agreed that the company met the legislative criteria to cease being a reporting issuer. The order was thus approved, fulfilling the company’s request.