The Ontario Securities Commission (OSC) has issued an order under subsection 1(6) of the Business Corporations Act (Ontario) (OBCA) that People Corporation is deemed to have ceased to be offering its securities to the public. This decision is based on the application submitted by People Corporation and the representations made to the OSC. The key points include:
1. People Corporation is an offering corporation as per the OBCA definition.
2. The corporation has no plans to seek public financing through securities offerings.
3. People Corporation was previously granted an order on August 27, 2021, confirming that it is not a reporting issuer in Ontario or any other Canadian jurisdiction, in line with National Policy 11-206.
The OSC concluded that granting this order would not be against the public interest. The decision was made on September 28, 2021, and is supported by the relevant provisions of the OBCA, specifically subsection 1(6), which allows for such a determination when a corporation ceases to offer its securities to the public.