The Securities Commission has granted an order for Zymeworks Exchangeco Ltd. (the Filer) to cease being a reporting issuer in all Canadian jurisdictions where it held this status. The decision was based on the following key points:
1. The Filer is not an OTC reporting issuer, meaning it is not subject to the reporting requirements for companies quoted in U.S. over-the-counter markets as per Multilateral Instrument 51-105.
2. The Filer’s securities are held by fewer than 15 securityholders in each Canadian jurisdiction and less than 51 securityholders worldwide.
3. The Filer’s securities are not traded on any public marketplace or facility in Canada or any other country where trading data is publicly reported.
4. The Filer is not in default of any securities legislation in any jurisdiction.
The British Columbia Securities Commission, acting as the principal regulator, issued the order in accordance with the securities legislation, specifically section 88 of the Securities Act (R.S.B.C. 1996, c. 418). The order also reflects the decision of the securities regulatory authority in Ontario and is recognized by other Canadian provinces and territories under Multilateral Instrument 11-102 Passport System.
The outcome is that Zymeworks Exchangeco Ltd. is no longer a reporting issuer and is relieved from the associated reporting obligations in Canada.