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 is based on National Instrument 51-102 Continuous Disclosure Obligations, specifically subsection 4.3(4) and Section 13.1.
The corporation, which is listed on the New York Stock Exchange and is a reporting issuer in Ontario, encountered unexpected delays due to employee departures and the demands of a strategic review. These delays meant the corporation would not be able to finalize the required restated interim financial reports by the filing deadline.
The granted exemption is conditional upon the corporation 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 corporation 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 reports. The corporation is also prohibited from filing a preliminary or final prospectus for any securities offering in Canada until it has filed all documents for which it is relying on this exemption.
The decision was made on February 21, 2024, by Erin O’Donovan, Manager of the Corporate Finance Branch of the Ontario Securities Commission.