The applicant applied to the Ontario Securities Commission for an exemption from the deadline to file its restated interim financial reports under National Instrument 51-102.
The applicant recently lost its foreign private issuer status and became subject to U.S. domestic registrant reporting requirements, necessitating the preparation of financial statements in accordance with U.S. GAAP.
Due to staffing shortages, employee departures, and the CFO's medical leave, the applicant experienced unanticipated delays.
The Commission granted the exemption, allowing the applicant to file the reports by the earlier of 45 days after filing its annual financial statements or May 16, 2022, subject to conditions including issuing a news release and imposing an insider trading blackout.