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Lifeworks Inc. – s. 1(6) of the OBCA

2022-10-11 | Decision | Business Corporations Act | Issuers | https://www.osc.ca/en/securities-law/orders-rulings-decisions/lifeworks-inc-s-16-obca

Statutes Cited: 1. Business Corporations Act, R.S.O. 1990, c. B.16 as am., s. 1(6).

The Ontario Securities Commission (OSC) has issued an order that LifeWorks Inc. is deemed to have ceased to be offering its securities to the public, in accordance with subsection 1(6) of the Business Corporations Act (Ontario) (OBCA). This decision is based on the application submitted by LifeWorks Inc., which included several representations:

1. LifeWorks Inc. is an offering corporation under the OBCA.
2. The company’s head office is located in Ontario.
3. LifeWorks Inc. does not plan to seek public financing through securities offerings.
4. The company received an order on September 16, 2022, confirming it is not a reporting issuer in Ontario or any other Canadian jurisdiction, as per National Policy 11-206.
5. The facts presented in the previous order remain accurate.

The OSC concluded that granting the order would not be against the public interest. Consequently, the order was approved, and LifeWorks Inc. is no longer considered to be offering its securities to the public as of October 11, 2022.

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