The Ontario Securities Commission (OSC) has issued an order recognizing that Magnet Forensics Inc. (the Applicant) has ceased to offer its securities to the public. This decision is based on subsection 1(6) of the Business Corporations Act (Ontario) (OBCA). The key points leading to this outcome include:
– Magnet Forensics Inc. is an offering corporation under the OBCA and is headquartered in Waterloo, Ontario.
– The company’s subordinate voting shares were delisted from the Toronto Stock Exchange on April 11, 2023.
– The company has no plans to seek public financing through securities offerings.
– On April 17, 2023, Magnet Forensics Inc. received an order confirming it is not a reporting issuer in Ontario or any other Canadian jurisdiction, as per National Policy 11-206.
– The facts presented in the previous order remain accurate.
Given these representations and the OSC’s determination that granting the order would not be against the public interest, the OSC ordered that Magnet Forensics Inc. be deemed to have ceased offering its securities to the public as of April 18, 2023.