The Securities Commission granted an exemption to an issuer from the requirement to file restated interim financial reports by the deadline stipulated under subsection 4.3(4) of National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102). The issuer faced unexpected delays due to the COVID-19 pandemic, staffing shortages, and the CFO’s recovery from surgery, which impeded the preparation of the reports in accordance with U.S. GAAP.
The exemption allows the issuer to file the restated interim financial reports and related Management’s Discussion and Analysis (MD&A) by the earlier of 45 days from the filing of its annual financial statements or May 16, 2022. The issuer is a corporation under the Business Corporations Act (British Columbia) and is listed on the Canadian Securities Exchange. It is also a reporting issuer in multiple Canadian provinces and subject to the SEC’s reporting requirements in the United States.
The decision was made under the securities legislation of Ontario, with the Ontario Securities Commission acting as the principal regulator. The issuer agreed to issue a news release disclosing its reliance on the exemption, the existence of an insider trading black-out policy, and the anticipated filing date for the reports. Additionally, the issuer will not file a preliminary or final prospectus for any securities offering until all required documents are filed.
The decision was made in accordance with the relevant legislative provisions, including National Instrument 51-102 and Multilateral Instrument 11-102 Passport System, and was based on the representations made by the issuer. The exemption was granted subject to specific conditions outlined in the decision document.