The Ontario Securities Commission (OSC) has issued an order revoking the failure-to-file cease trade order (FFCTO) against Personas Social Incorporated (the Issuer). The FFCTO was originally implemented on May 6, 2022, due to the Issuer’s failure to file its audited annual financial statements and related documents for the year ended December 31, 2021, as well as interim financial reports for the period ended June 30, 2022, as required by National Instrument 51-102 and National Instrument 52-109.
The Issuer, a reporting issuer in multiple Canadian jurisdictions, has since addressed the deficiencies by filing the overdue documents and is now up to date with its continuous disclosure obligations. The Issuer has also paid all outstanding and late fees to the securities commissions and has confirmed that there have been no material changes in its business that have not been publicly disclosed.
The OSC’s decision to revoke the FFCTO is based on the Issuer’s compliance with continuous disclosure obligations, current and accurate profiles on SEDAR and the System for Electronic Disclosure by Insiders, and the absence of any ongoing default or consideration of major corporate restructuring. The revocation order is contingent upon the Issuer issuing a news release and filing a material change report regarding the revocation.
The decision was made under the authority of Ontario securities laws and regulations, specifically under National Policy 11-207, which provides a framework for the revocation of cease trade orders in multiple jurisdictions. The OSC, as the Principal Regulator, determined that the Issuer met the necessary conditions for revocation, leading to the reinstatement of the Issuer’s ability to trade securities.