The Ontario Securities Commission (OSC) has granted an application by Score Media and Gaming Inc. for an order declaring that the company has ceased to be a reporting issuer in all Canadian jurisdictions where it held this status. The application was made under the securities legislation of Ontario and relied upon the provisions of Multilateral Instrument 11-102 Passport System for its application in other Canadian provinces.
The decision was based on several key representations made by Score Media and Gaming Inc.:
1. The company is not an OTC reporting issuer under Multilateral Instrument 51-105.
2. There are fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide who directly or indirectly own the company’s securities, including debt securities.
3. The company’s securities are not traded on any marketplace or facility where trading data is publicly reported, in Canada or any other country.
4. The company has requested to cease being a reporting issuer in all Canadian jurisdictions where it currently has that status.
5. The company is not in default of any securities legislation in any jurisdiction.
The OSC, acting as the principal regulator, concluded that the application met the necessary criteria set out in the relevant securities legislation and therefore approved the order. This decision allows Score Media and Gaming Inc. to cease its reporting issuer obligations in Canada.