Rivalry granted Management Cease Trade Order as company misses FY24 deadline

Key points:

– Rivalry has been granted a Management Cease Trade Order from the Ontario Securities Commission under National Policy 12-203

– This is due to the company missing another deadline to publish its full FY24 report

– According to the report, this includes management discussion, analysis, as well as CEO and CFO certificates

Rivalry has been granted its Management Cease Trade Order (MCTO) from the Ontario Securities Commission under National Policy 12-203.

A day before its Q1 was published, Rivalry announced it had applied for the MCTO as the company was late filing its FY24, management discussions and analysis reports, as well as CEO and CFO certificates.

Today, the company admitted that it would not meet the 30 April deadline, and so the courts granted the order.

The MCTO will prohibit the management team from trading in securities until the annual reports are published.

The general public will still be able to trade freely with the company, but the CEO and Interim CFO will be restricted and the company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees.

Good to know: Rivalry has emphasised that as of the date of this news release, “there is no insolvency proceeding against it” and there is “no other material information concerning the affairs” of the company that has not already been released

Rivalry will now have until 30 June to file its reports, and it “remains confident in its ability to complete the Annual Filings by this date.”

However, until then, the company will also be required to issue bi-weekly default status reports in the form of news releases.

As part of this announcement, Rivalry also confirmed that it has taken a $600,000 unsecured loan, maturing on 30 September with a 10% interest rate.

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Megan Elswyth

Business Journalist

Megan Elswyth is a business journalist and Staff Writer at Gambling Insider, where she has been reporting since February 2023. She specialises in researching complex commercial topics, analysing industry trends and interviewing senior executives to deliver insightful journalism for a professional B2B audience.

Megan’s coverage spans financial reporting, regulatory developments, SEC filings and key business developments shaping the global gambling and iGaming landscape. Her work combines rigorous analysis with clear storytelling, helping readers understand the financial, strategic and operational dynamics driving the industry forward.

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