The Ontario Securities Commission granted an exemption to a corporation from the requirement to file restated interim financial reports in accordance with U.S. GAAP by the deadline for filing its audited annual financial statements for the year ended December 31, 2023. This exemption was made under Section 13.1 of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102), specifically subsection 4.3(4). The company faced unexpected delays due to employee departures and the demands of a strategic review, which impeded the completion of the restated interim financial reports.
The exemption is conditional upon the company filing the restated interim financial reports and related Management’s Discussion and Analysis (MD&A) within 45 days of filing its annual financial statements or by May 14, 2024, whichever is earlier. Additionally, the company must issue a news release by the date of filing its annual financial statements, disclosing its reliance on the exemption, the existence of an insider trading black-out policy, and the expected date for filing the restated interim financial reports and MD&A. The company is also prohibited from filing a preliminary or final prospectus for any securities offering in Canada until it has filed all documents required under the exemption.
The decision was made in accordance with the relevant securities legislation and regulations, including subsection 4.3(4) of NI 51-102 and Part 13, and was issued on February 21, 2024, by Erin O’Donovan, Manager of the Corporate Finance Branch of the Ontario Securities Commission.