The Ontario Securities Commission has revoked a cease trade order against an issuer after the issuer rectified its previous failures to file required continuous disclosure materials. The cease trade order was initially issued because the issuer did not submit its audited annual financial statements, management’s discussion and analysis (MD&A), and certifications for the year ended February 28, 2018, within the mandated timeframe. Additional filings were also missed subsequently.
The issuer has since updated all outstanding continuous disclosure documents, including interim financial statements and MD&A for various periods, as well as the initially missed documents. The issuer has also settled all necessary fees and updated its profiles on SEDAR and SEDI.
The issuer is not in default of any other obligations under the Securities Act (Ontario) or related regulations, except for the existence of the cease trade order itself. The issuer has provided assurances that, except for a potential going private transaction with a director, it will not undertake certain transactions without complying with prospectus requirements and obtaining regulatory approval.
Based on these remedial actions and assurances, the Ontario Securities Commission has determined that the conditions for revoking the cease trade order have been met under the relevant provisions of the Securities Act (R.S.O. 1990, c. S.5, as amended) and National Policy 11-207. Consequently, the cease trade order has been lifted.