The Ontario Securities Commission (OSC) has approved an application by Magnet Forensics Inc. for the company to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was made under the authority of the Securities Act (Ontario) and in accordance with National Policy 11-206, which outlines the process for an entity to cease being a reporting issuer.
The key points leading to this decision include:
1. Magnet Forensics Inc. is not an OTC reporting issuer as per Multilateral Instrument 51-105.
2. The company’s securities are owned by fewer than 15 security holders in each Canadian jurisdiction and less than 51 holders worldwide.
3. No securities of the company are traded on any public marketplace or facility where trading data is reported.
4. Magnet Forensics Inc. has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has this status.
5. The company is not in default of any securities legislation in any jurisdiction.
The OSC, as the principal regulator, determined that Magnet Forensics Inc. met the legislative requirements to cease being a reporting issuer, and thus the order was granted. This decision was made in accordance with the Securities Act (R.S.O. 1990, c. S.5, as amended) and the relevant securities legislation.