The Ontario Securities Commission (OSC) has issued an order under subsection 1(6) of the Business Corporations Act (Ontario) (OBCA) determining that Terrace Global Inc. (the Applicant) is deemed to have ceased to be offering its securities to the public. This decision is based on the Applicant’s representations that it is an offering corporation under the OBCA, it has no plans to seek public financing through securities offerings, and it was previously granted an order confirming it is not a reporting issuer in Ontario or any other Canadian jurisdiction. The OSC concluded that granting this order would not be against the public interest. The legal framework for this decision includes the OBCA and the relevant securities regulations, including National Policy 11-206 concerning the process for ceasing to be a reporting issuer.
