The Ontario Securities Commission (OSC) granted a partial revocation of a failure-to-file cease trade order (FFCTO) against Humble & Fume Inc. The FFCTO was initially issued due to the company’s failure to file required interim financial statements, management’s discussion and analysis, and related certifications. Humble & Fume Inc. sought the partial revocation to facilitate a court-approved transaction under the Companies’ Creditors Arrangement Act (CCAA), involving the sale of shares and assets to 1000760498 Ontario Inc. The court had previously approved this transaction, which includes the issuance of new shares and the assumption of certain debts.
The partial revocation is conditional upon the purchaser receiving copies of the FFCTO, the partial revocation order, and a written notice acknowledging that all securities will remain subject to the FFCTO until a full revocation is granted. The order will terminate upon the completion of the transaction or 60 days from the date of the order, whichever comes first. The decision was made under Section 144 of the Securities Act, R.S.O. 1990, c. S.5, as amended, and National Policy 11-207.