The Ontario Securities Commission (OSC) has granted Recipe Unlimited Corporation’s application to cease being a reporting issuer under Canadian securities laws. The decision is based on the following key points:
1. Recipe Unlimited Corporation is not an OTC reporting issuer, meaning it is not subject to certain U.S. over-the-counter market regulations.
2. The company’s securities are held by fewer than 15 security holders in Ontario and fewer than 51 worldwide, indicating a limited public shareholder base.
3. The company’s securities are not traded on any public marketplace or facility where trading data is publicly reported, which reduces the need for public disclosure as a reporting issuer.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently holds that status.
5. The company is not in violation of any securities legislation in any jurisdiction.
The OSC, acting as the principal regulator, has determined that the company meets the legislative requirements to cease being a reporting issuer. The decision is supported by the securities legislation of Ontario and relies on the Multilateral Instrument 11-102 Passport System, which allows for a coordinated approach across Canadian provinces and territories. The OSC’s decision effectively removes the company’s obligations to file periodic reports and other continuous disclosure documents typically required of reporting issuers.